No Income Tax Return for Individuals with income Not exceeding Rs Five Lacs

No.402/92/2006-MC (14 of 2011)

Government of India / Ministry of Finance

Department of Revenue

Central Board of Direct Taxes

***

New Delhi, dated the 23rd June, 2011

PRESS RELEASE

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. Such individuals must report their Permanent Account Number (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 No.16.

Persons receiving salary from more than one employer, having income from sources other than salary and interest income from a savings bank account, or having refund claims shall not be covered under the scheme.

The scheme shall also not be applicable in cases wherein notices are issued for filing the income tax return under section 142(1) or section 148 or section 153A or section 153C of the Income Tax Act 1961.

Concession to Senior Citizens on Indian Railways

GOVERNMENT OF INDIA   

                                                                                                                                    

 MINISTRY OF RAILWAYS

                                                                                                         

 RAILWAY BOARD

COMMERCIAL  CIRCULAR  NO. 18 OF 2011

                                                                                                                                                                          

 No. TCII/2161/2011/SRC/Policy                                                                                                                    

 New Delhi, dated 13.5.2011

The General Managers (Commercial),                                                                                                                       

 All Indian Railways.

Sub: Increase in the element of concession to men senior citizens from 30% to 40% and reduction in the age limit for women senior citizens from 60 to 58 years.

As per existing provisions contained in S.No.36 of Annexure to rule 101 of  IRCA Coaching Tariff No. 25, Part-I (Vol. II), Senior citizens of minimum 60 years are eligible for concession in the basic fares of Mail/Express trains and all inclusive fares of  Rajdhani/Shatabdi/Jan Shatabdi trains. The element of concession is 30% for men senior citizens and 50% for women senior citizens.

2.  As announced by  Hon'ble Minister in Budget Speech for 2011-12, it has been decided to reduce the minimum age for availing concession from 60 years to 58 years in case for women senior citizens. However, the element of concession will continue to remain at 50%.

3.  It has also been decided to increase the element of concession in case of men senior citizens from 30% to 40%. The minimum age will, however, continue to be 60 years in case of men.

4.  There will be no change in other terms and conditions.

5.  This concession will be admissible on tickets purchased on and after 01.06.2011. In case of tickets already issued for travel on & after 01.06.2011, refund of difference of fares will not be admissible.

6.  This issues with the concurrence of the Finance Directorate of the Ministry of Railways.

7.  Wide publicity through various media may be given at regular intervals. Necessary instructions may be issued to all concerned immediately including PRS/UTS and compliance ensured.

(Dr.Monica Agnihotri)

Director Passenger Marketing

Railway  Board.

No. TCII/2161/2011/SRC/P0Iicy

Copy to:-

DAI (Railways), New Delhi.

FA & CAOs, All Indian Railways.

Principal Director of Audit, All Indian Railways.

New Delhi, dated /35.2011

(Dr. Monica Agnihotri)

Director Passenger Marketing

Railway Board

No scrutiny of senior citizens’ returns

Tribune News Service
Chandigarh, May 17

The CBDT Chairman, Sudhir Chandra, today announced that income tax
returns filed by senior citizens above 60 years and small taxpayers with
gross total income of less than Rs 10 lakh will not be scrutinised in routine
manner.

He said the income-tax returns in ITR-1 and ITR-2 will be subjected to
scrutiny only where the department is in possession of credible information
of tax evasion.

Giving details of the department's anti-tax evasion operations in 2009-10
and 2010-11, he said unaccounted income of over Rs 30,000 crore was
unearthed during search and seizure operations.

He said the department has achieved the revised tax collection target of Rs
4.46 crore in 2010-11.