# No Income Tax Return if income less than 5 lakhs



## Desmond (Feb 22, 2012)

> Salaried employees earning up to Rs 5 lakh a year will not be required to file income tax returns from this year, says a Finance Ministry notification.
> 
> There are about 85 lakh salaried persons in the country whose yearly income, including earnings from other sources like bank deposits, does not exceed Rs 5 lakh.
> 
> “An individual whose total income for the relevant assessment year does not exceed Rs 5 lakh and consists of only income chargeable to income-tax under…salaries… (and) income from other sources, by way of interest from a saving account in a bank, not exceeding Rs 10,000” have been exempted from filing the returns from assessment year 2012-13”, it said.



Source


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## saz (Feb 22, 2012)

*Re: Income Tax relief limit raised to Rs. 5 lakh.*

hey bro, the title is misleading I guess...the article says Individuals having total income upto 5 lakhs per annum need not file IT return. It doesn't mean that individual having total Income upto 5 lakhs won't have to pay any tax...its only that they don't have to file IT return.

Read thru these line in the article...


> ...Exemption from filing will be permitted only if the person has received a certificate of tax deduction in Form 16 from his or her employer.
> 
> To claim income tax refund, however, such persons will have to file returns....


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## ico (Feb 22, 2012)

*Re: No Income Tax Returns if income less than 5 lakhs*

Title fixed.


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## Skud (Feb 22, 2012)

It was same for FY 2010-11 (assessment year 2011-12) too.


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## tkin (Feb 22, 2012)

And I thought that I wouldn't have to pay taxes when I join


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## Desmond (Feb 22, 2012)

I heard that the relief limit raised too. Cannot find the link though.


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## Tachyon1986 (Feb 22, 2012)

Good , with the rising inflation, we need tax breaks like this.


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## Desmond (Feb 22, 2012)

Got it, it is actually ongoing. Look here:

MPs want IT exemption limit hiked to Rs 5 lakh
_Posted via Mobile Device_


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## Skyh3ck (Feb 23, 2012)

sorry, but clear this

does this mean that people eraning below 5 lac  per year does not have to pay tax ? yes or No 

what is the revised tax slabs now?


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## tkin (Feb 23, 2012)

SuperH3art said:


> sorry, but clear this
> 
> does this mean that people eraning below 5 lac  per year does not have to pay tax ? yes or No
> 
> what is the revised tax slabs now?


No you still have to pay yaxes. but would not have to file a return, ofcourse you could do so, but not forced to.


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## Skud (Feb 23, 2012)

Its still wise to file the return, its an important document, particularly if you are looking for bank loans etc.


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## rajivnedungadi (Feb 28, 2012)

Good, I also hope that they increase the 1.8 lac slab to at least 2.5 from this year


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## tkin (Feb 29, 2012)

Or 3 lakh


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## icebags (Mar 2, 2012)

(1) less direct tax = more indirect tax = price hike.
(2) ppl have more money at hand = ppl want to spend more = price hike.

(1) & (2) = more sales tax , service charge etc. = rich govt.

it's simple, isn't it ?


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## pinku1993 (Mar 2, 2012)

icebags said:


> (1) less direct tax = more indirect tax = price hike.
> (2) ppl have more money at hand = ppl want to spend more = price hike.
> 
> (1) & (2) = more sales tax , service charge etc. = rich govt.
> ...



Nicely Calculated..


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## Desmond (Mar 5, 2012)

Its always a win-win situation for the government. No matter what they come up with.
_Posted via Mobile Device_


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