Salaried Taxpayers with total Income up to Rs. 5 lakh Exempted from filing Income Tax Return for Assessment Year 2011-12-Notification issued

0 comments Thursday, June 23, 2011
Press Information Bureau
Government of India
Ministry of Finance
23-June-2011 16:54 IST
Salaried Taxpayers with total Income up to Rs. 5 lakh Exempted from filing Income Tax Return for Assessment Year 2011-12

The Central Board of Direct Taxes has notified the scheme exempting salaried taxpayers with total income up to Rs. 5 lakh from filing income tax return for assessment year 2011-12, which will be due on July 31, 2011.

Individuals having total income up to Rs. 5,00,000 for FY 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. 10,000 are not required to file their income tax return.
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Cost Inflation Index for financial year 2011-12 notified

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The Government of India has notified Cost Inflation Index for the financial year 2011-12 as "785". It is to be noted that cost inflation index is used for calculating indexed cost in case of Long Term Capital Gains under Income Tax Act, 1961. The relevant notification is produced herebelow:  


NOTIFICATION NO. 35/2011
DATED 23-6-2011
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