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The announcement last month that salaried taxpayers with a taxable income of up to 5 lakh need not file their tax returns has come as a relief for this Ghaziabad-based engineering lecturer. "I don't need to file my tax return this year," he says. Jain's salary is roughly 3.6 lakh a year, well below the 5 lakh cut-off set by the Central Board of Direct Taxes (CBDT) in its June 24 notification. Ashwani Jain is feeling as if a load has been lifted off his shoulders. 


Like scores of other taxpayers across the country, Jain is making a mistake. He has not taken into account his other sources of income, including the interest earned on fixed deposits and NSCs. If he has an income from these or any other source, it's mandatory for him to file his tax return. Besides, the 3.5% earned on the balance in his savings bank account should be mentioned in his Form 16 and the tax on it should have been paid. There could be a 5,000 penalty waiting for him if he doesn't file his tax return. 
http://timesofindia.indiatimes.com/business/india-business/Smart-ways-to-file-tax/articleshow/9180038.cms

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