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Friday, June 24, 2011

important incometax notificaton

36/2011, Dated : June 23, 2011
In exercise of the powers conferred by sub-section (1C) of section 139 of the Income-tax
Act, 1961 (43 of 1961), the Central Government hereby exempts the following class of
persons, subject to the conditions specified hereinafter, from the requirement of furnishing
a return of income under sub-section (1) of section 139 for the assessment year 2011-12,
namely : -
Class of Persons
1. An Individual whose total income for the relevant assessment year does not exceed five
lakh rupees and consists of only income chargeable to income-tax under the following head,
(A) "Salaries";
(B) "Income from other sources", by way of interest from a savings account in a bank, not
exceeding ten thousand rupees.
2. The individual referred to in para 1, -
(i) has reported to his employer his Permanent Account Number (PAN);
(ii) has reported to his employer, the incomes mentioned in sub-para (B) of para 1 and the
employer has deducted the tax thereon;
(iii) has received a certificate of tax deduction in Form 16 from his employer which
mentions the PAN, details of income and the tax deducted at source and deposited to the
credit of the Central Government;
(iv) has discharged his total tax liability for the assessment year through tax deduction at
source and its deposit by the employer to the Central Government;
(v) has no claim of refund of taxes due to him for the income of the assessment year; and
(vi) has received salary from only one employer for the assessment year.
3. The exemption from the requirement of furnishing a return of income-tax shall not be
available where a notice under section 142(1) or section 148 or section 153A or section
153C of the Income-tax Act has been issued for filing a return of income for the relevant
assessment year.
4. This notification shall come into force from the date of its publication in the Official
F. NO. 142/09/2011 (TPL)