Income Tax on salaries

INCOME TAX ON SALARIES – FINANCIAL YEAR 2011-12
(ASSESSMENT YEAR 2012-13)

Notification No. 36/2011 F. NO. 142/09/2011 (TPL), Dated 23-6-2011 issued by Income tax department exempts Tax payers in the salaried class from filing Income tax return if the tax payer's salary income and interest received from bank not exceeding Rs.10,000/- both put together did not exceed Rs.5,00,000
during the financial year 2011-12 (Assessment year 2012-13).

As per the Finance Act, 2011, income-tax is required to be deducted under Section 192 of the Income-tax Act 1961 from income chargeable under the head "Salaries" for the financial year 2011-2012 (i.e. Assessment Year 2012-2013) at the following rates: Read More