NO INCOME TAX RETURNS FOR SALARIED CLASS ON INCOME UP TO 5LAKH

              The tax payers whose annual income comprising salary and interest is up to Rs. 5lakh, are not required to file their income tax returns from now onwards. the scheme would cover those salaried persons whose interest income per annum is up to Rs. 10000, Central Board of Direct Taxes (CBDT) said.
             The CBDT has notified the scheme exempting salaried taxpayers with total income up to rs 5lakh from filing income Tax returns for assessment year 2011-12, which will be due on July 31, 2011
             Individuals having total income up to rs 5lakh for 2010-11, after allowable deductions, consisting of salary from a single employer and interest income from deposits in a saving bank account up to rs 10000 are not required to file their income tax returns.
            This scheme would not be applicable to individuals who have got salary from two or more than two employers in a financial year. this happens in case a person changes the job.
            Such individuals may report their PAN and the entire income from bank interest to their employer, pay the entire tax by way of deduction of tax at source, and obtain a certificate of tax deduction in form 16. the scheme would not cover those tax payers who have income from sources other than salary and income interest from a saving bank account, or having refund claims.

See Also:
INCOME TAX RETURNS E-FILING CHECKLIST

HOW TO AVOID INCOME TAX RETURN REJECTION
How to get e-filed IT returns
Income Tax Slab 2011-12
How Do I Get PAN Card
Parmanent Account Number
How To Apply For PAN Card
For More Information:
http://www.moneycontrol.com/news/tax/no-i-t-returns-for-salaried-classincometo-rs-5-lakh_559779.html
http://www.livemint.com/2011/06/23190129/No-IT-returns-for-salaried-cl.html
http://in.news.yahoo.com/no-t-returns-salaried-class-income-rs-5-124700777.html
http://www.sify.com/news/no-i-t-returns-for-salaried-class-on-income-up-to-rs-5-lakh-news-national-lgxsugfdbjf.html
http://www.mydigitalfc.com/news/no-i-t-returns-salaried-class-income-rs-5-lakh-425