Monday, July 25, 2011

FAQ on Income Tax Return filing

Q:           What is the purpose of Notification No. SO 1439(E), dated 23-6-2011 and who are proposed to be exempted from the requirement of filing of the return?
Ans:       The primary objective of this notification is to exempt those salaried taxpayers from the requirement of filing income-tax returns, who have (i) total income not exceeding Rs. 5,00,000, and (ii) the total income consists only of income chargeable to income-tax under the head ‘Salaries’ and interest income from savings bank account if such interest income does not exceed Rs. 10,000.
Further, such salaried taxpayer would be eligible for exemption from filing a return of income only if tax liability has been discharged by the employer by way of Tax Deducted at Source (TDS) and the deposit of the same to the credit of the Central Government. For this purpose, taxpayer has to intimate his interest income to the employer during the course of the year.
For Example –
(i) If an individual has salary income of Rs. 4,90,000 and interest income from savings bank account not exceeding Rs.10,000 (which has been reported to the employer and tax has been deducted thereon), then the taxpayer would be exempt from the requirement of filing income-tax returns since the total income from both the above sources does not exceed five lakh rupees.
(ii) A taxpayer having salary income of Rs. 4,98,000 and interest income from savings bank account of Rs. 2,000 (which has been reported to the employer and tax has been deducted thereon), would also be eligible under this Scheme.
(iii) A taxpayer having salary income up to Rs. 5,00,000 and nil interest income would also be eligible under this Scheme.
(iv) A taxpayer having salary income of Rs.5,50,000, interest income from savings bank account of Rs. 8,000(which has been reported to the employer and tax has been deducted thereon), and who has claimed deduction of Rs. 70,000 under section 80C (on account of certain payments / investments / savings) would also be eligible under the Scheme.
(v) A taxpayer having salary income of Rs. 6,10,000, interest income from savings bank account of Rs. 10,000 (which has been reported to the employer and tax has been deducted thereon), and who has claimed deduction of Rs. 1,00,000 under section 80C (on account of certain payments / investments / savings), a deduction of Rs. 20,000 under 80CCF (Infrastructure Bonds) and a further deduction of Rs. 15,000 under section 80D (Health Insurance Premium) would also be eligible under the Scheme.
Q.           Whether a salaried taxpayer having total income of less than Rs. 5,00,000 and claiming a refund of Rs. 3,000 would be eligible under this Scheme

Ans:        No. The taxpayer has to file a return of income for making a claim of refund.
Q:           Is having a valid PAN a precondition for being covered by the notification?
Ans:       Yes. The notification clearly specifies that the individual has to report his PAN to the employer.
Hence having a valid PAN is a precondition for falling within the ambit of the notification.
Q:           Can an individual who is getting income under the head “salaries” from more than one employer take benefit of the notification?
Ans:       No. A salaried taxpayer who has earned income from more than one employer during the financial year is not covered under this Scheme.
Q:           Whether this notification would also cover taxpayers having ‘loss from house property’, which are often reported by the employees to the employer.
Ans:       No. Under the existing procedure, DDO/employer can give credit to the employee for a claim for loss under the head “income from house property” under section 24 made by the employee. As a result, a salaried employee’s total income may reduce to less than Rs. 5,00,000 as loss from the head “income from house property” would have been set-off against salary income. Such a taxpayer is not exempted from filing his return of income as the notification exempts only cases where the total income is under the head “salary” and from savings bank account (income from other sources) not in excess of Rs. 10,000. If the taxpayer has any loss under the head “income from house property”, he will not be eligible for exemption from filing a return of income.
Q:           Does savings bank account include other banking accounts like fixed deposits or recurring deposits accounts?
Ans:       No. The benefit of the notification is available to taxpayers whose interest income comprises of interest earned on savings bank account ONLY.
Q:           Circular No. 8/2010, dated 13-12-2010 which is applicable for Assessment Year 2011-12 stipulates that the Drawing and Disbursing Officer (DDO)/Employer while deducting TDS from salary of an employee cannot allow deduction u/s 80G except donations made to the Prime Minister’s Relief Fund, the Chief Minister’s Relief Fund or the Lt. Governor’s Relief Fund. Whether the notification would cover only these cases?
Ans:       Yes. An individual cannot avail the exemption under this notification if the claim of deduction for donations under section 80G is for donations other than those mentioned in Circular No. 8/2010. A taxpayer has to file a return of income for making a claim in respect of claim of deduction under section 80G for such donations (not specified in Circular No. 8/2010).
Q:           Will a salaried individual having agricultural income, which is exempt from tax, be covered within the ambit of the notification?
Ans:       A salaried individual with agricultural income exceeding five thousand rupees shall be out of the ambit of the notification. A return will have to be filed in such a case, even if other conditions of the notification are satisfied as the agricultural income (of more than Rs. 5,000) has to be included, for rate purposes, in the total income.

Monday, July 18, 2011

Expected da from July 2011

We feel features, expectations and calculations are on the forefront for most of the central government employees regarding the additional Dearness Allowance from July, 2011 to be announced soon.

There will be no change in the 7% DA unless a huge change takes place in the month of June AICPIN (i.e.if the AICPIN falls below 180 points or increase above 195, a change of DA can take place, but chances are very remote.) AICPIN now stands at 187.

Car and Computer loan granted under GFR, 2005

General Financial Rules 2005, provides for interest bearing advance that can be granted to a Central Government Employee for purchase of Car and Computer.
The advance for the purchase of a motor car shall be granted to those Government servants whose pay in pay band is Rs.19,530/-per month or more. (Rule 17)
Click here to read the office Memorandum F.No: 12(1)/E.II-A/2008 dated 24.10.2011 for revised eligibility details consequent on implementation of 6CPC.

Features of Car loan:

An advance for the purchase of a conveyance shall not be granted to a Government servant, who has already purchased the conveyance and paid for it, unless the conveyance has been purchased within a period of three months commencing from the date the advance was applied for, and has been paid for by raising a temporary loan. (Rule 18)
A simple interest at rate of 11.5% is payable by the employee for the car loan obtained by him ( Rule 20)
The total amount of advance which may be granted to a Government servant for the purchase of a motor car for the first occasion shall not exceed Rs. 1,80,000 (Rupees One lakh eighty thousand) or eight months' basic pay of the Government servant taken together, or the anticipated price of the motor car, to be purchased by the Government servant, whichever is the least. (Rule 21(1))
The quantum of advance that may be granted on the second or subsequent occasions for the purchase of a motor car shall not exceed Rs. 1,60,000 (Rupees One lakh sixty thousand) or eight months' basic pay of the Government servant taken together, or the anticipated price of motor car to be purchased, whichever is the least. (Rule 21 (2))
Such second or subsequent advances for the purchase of a motor car will be admissible only after four years, reckoned from the date of drawal of the last advance, have elapsed.
Provided that this restriction of 4 years shall not apply in the following cases:
  • Where an advance had been allowed earlier for the purchase of a motor cycle but it is desired to draw the advance for the purchase of motor car.
  • Where a Government servant disposes of his motor car in India prior to his posting abroad or deputation/training abroad lasting more than one year and returns to India without a motor car.
  • Where a Government servant is appointed to a regular post abroad and does not take his motor car along with him.

Repayment:

The amount of advance granted to a Government servant for the purchase of motor car shall be recovered by not exceeding 200 equal monthly installments . The employee may at his option repay more than one installment in a month. (Rule 23)
The EMI (Equal Monthly Installments) will be deducted from the first salary paid after loan is taken. (Rule 24)

Recovery of Interest:

The amount of interest payable for the loan taken shall be recovered in the minimum number of monthly installments after recovery of loan amount. The amount of each such installment being not greater than the amount of the installment fixed under Rule 23. (Rule 25)
The recovery of the amount of interest shall commence from the month immediately following that in which the repayment of the advance for the purchase of a motor car is completed. (Rule 26)

Sale or Transfer

A Government servant shall not sell or transfer a motor car for so long as the amount of advance together with the interest on such amount is not completely repaid, except with the permission of the competent authority. (Rule 27)
Unless Government servant, who is sanctioned an advance for the purchase of a motor car, completes the purchase of, and pays for, the motor car within one month from the date on which he draws the advance, he shall refund forthwith the full amount of the advance drawn together with interest on that amount for one month. (Rule 28)
Agreement and Mortgage Bonds.-A Government servant shall, before he draws an advance for the purchase of a motor car, execute an agreement in Form II of the Compendium, if the advance is granted to him under Rule 17, or in Form III, if the advance is granted to him under Rule 18. On completing the purchase of a motor car, he shall also execute a mortgage bond in Form IV and/or Form V, as the case may be, hypothecating the motor car to the President as security for the advance. (Rule 29)

Features of Computer Loan:

A Government Employee who is entitled for car loan will also be eligible for Computer loan of amount not exceeding Rs.80,000 (and Rs.75,000 for the second loan) (Rule 21 (5)).
Other Government employees whose pay in pay band is Rs.8560 or more are eligible for computer loan of amount not exceeding Rs.30,000 or anticipated price of Computer whichever is less. Click here to read Office Memorandum No: 12(1)/E.II-A/2008 dated 12.12.2008 for revised eligibility as per 6CPC

Conditions of sanction

  • The Government servant, who has already drawn an advance for purchase of a personal computer and a period of 3 (three) years has not elapsed from the date of drawal of the earlier advance, shall not be eligible for the grant of second or subsequent advance for the purchase of a personal computer.
  • The personal computer will be required to be mortgaged in the name of the President and for this purpose Form IV of the Compendium, may be used by substituting the words 'motor vehicle' with the words 'personal computer'. Similarly, Forms of Agreement for drawing an advance for the purchase of motor car may be used by substituting the words 'motor vehicle' with the words 'personal computer'. Make, Model and Chassis No. of the personal computer may be entered in the Mortgage Deed.
  • An application for the grant of advance for the purchase of a personal computer shall be required to be made in Form VI of the Compendium.

Repayment of computer loan:

The advance sanctioned for the purchase of a personal computer shall be recovered in such number of equal monthly installments as the Government servant may elect, but not exceeding 150.
Total recoveries on account of all advances including computer advance, taken by a Government servant shall not exceed 50% of the total emoluments.

Rate of Interest applicable for Computer loan:

Simple interest at such rates as may be fixed by Government from time to time for the motor car advance shall be charged on advance granted to Government servants for the purchase of personal computer.
All other conditions laid down in this Compendium, regulating the sanctioning of motor car advance will apply to the advance which may be sanctioned for the purchase of a personal computer.
For more details and for application forms download Compendium of Rules of advances under GFR, 2005, issued by Finance Ministry

Wednesday, July 13, 2011

Revision of OP treatment Charges under CS(MA) Rules

F.No.B.12012/03/2010-CGHS (P)
Government of India,
Ministry of Health & Family Welfare
Department of Health & Family Welfare Nirman Bhawan, New Delhi Dated the 6th June, 2011.
OFFICE MEMORANDUM
Subject: –  Revision of consultation / visiting / injection fee of Authorized Medical Attendants (AMAs) under CS (MA) Rules, 1944.

The undersigned is directed to refer to this Ministry’s O.M. No.S.14025/10/2001-MS, dated 31-12-2002 on the subject mentioned above and to say that the issue of further revision of consultation / visiting / injection fees of different categories of Medical Officers (Authorized Medical Attendants) appointed for the treatment of Central Government employees and their dependent family members covered under CS (MA) Rules, 1944 of various Ministry / Departments / States / Union Territories has been under consideration of this Ministry for sometime. It has now been decided to revise the same as indicated below :-

Medical Postgraduate / Specialists
In Rs.
Consultation Fees
First Consultation
100
Subsequent Consultation
60
Injection Fees
Intramuscular / Subcutaneous
20
Intravenous
40
Medical Licentiates and Medical Graduates (MBBS or equivalent)
Consultation Fees
First Consultation
70
Subsequent Consultation
40
Injection Fees
Intramuscular / Subcutaneous
20
Intravenous
40

2. These orders will supersede the earlier orders issued on the subject from the date of issue.
3. It is also clarified that now there are no separate charges for day and night consultation, as these were prevailing earlier.
4. This order will be effective from the date of issue. 5. This issues with the concurrence of IFD vide Dy. No. C-2699, dated 3-3-2011.

Friday, July 1, 2011

Relax your mind ...................!!!!!!!!!!!!!!!!!!!


Government invites your concerns and opinions on black money

The issue of black money has been rocking India for a while. The issue first came up during 2009 Lok Sabha elections when the BJP has promised to disclose all the Swiss Accounts and bring all the block money saved in Swiss Bank back to India and also announced that it will be declared as national wealth.
After the completion of elections, Baba Ramdev has taken up the issue of black money and went on Satyagraha for 8 days during June 2011.
Though no immediate decision has been expected from the Govt. of India, it has come up with an idea to collect the feed back of citizens through internet. Now anybody can send a mail to Govt. of India expressing their concerns and opinions on black money.
The email id is bm-feedback@nic.in . Public can send their ideas and views on tackling various issues arising out of the menace of black money.
The email bm-feedback@nic.in was created on the server of the National Informatics Centre. General public can immediately send their opinions.
They can suggest any measures like imposing huge penalties and punishments and making penal provisions to deal with the issue of black money. In response to the growing concern over the scale and impact of black money from people of various walks of life, the Government of India has also formed a committee headed by Central Board of Direct Taxes (CBDT) Chairman Prakash Chandra.
The committee will work on devising new strategies to deal with the issue. The Prakash Chandra committee is expected to submit its recommendations to the Center in the coming six months.
The email account bm-feedback@nic.in will be continuously monitored by the officials of Finance Ministry, Govt. of India. The ministry would place the aggregated messages / mails before Prakash Chandra committee.

Concession in Rajdhani/Shatabdi to Blind/mentally challenged persons

It has been decided by the Government of India, Ministry of Railways  to extend facility of concession in rail fare to completely blind persons and mentally retarded persons in Rajdhani and Shatabdi trains. The concession for both the categories would be 25 per cent in 3rd AC and AC Chair Car in Rajdhani and Shatabdi trains. Same concession will also be admissible to one escort accompanying such person. It has been stipulated that for availing concession by blind persons, certificate in prescribed proforma issued by RMP or Government Doctor or Head of the Institution for Blind listed in IRCA Coaching Tariff is required and for mentally retarded persons also certificate issued by a Government in prescribed proforma is required.
 
The concession will be effective on tickets purchased on or after 01.07.2011. In case of tickets already issued for travel on and after 01.07.2011 refund of difference of fares will not be admissible.
 
As we are aware, at present the concession in rail fair for both the category of persons is 75 per cent in Sleeper Class, AC Chair Car & 3rd AC and 50 per cent in 2nd AC &1st AC in all trains except Rajdhani and Shatabdi trains. Same concession is also admissible to one escort accompanying such person.
This is a welcome step towards the welfare of Blind/Mentally challenged  passengers and will be of great help to them.

BSNL 3G Connection to cost less for Government Employees

Now, Government Employees including retired government employees can enjoy 3G mobile phone connection operated by BSNL (Bharat Sanchar Nigam Limited) at a lesser cost compared to other citizens.
A discount of 10% on Fixed Monthly Cost of all 3G postpaid data plan is to be offered to Government Employees.
Retired Government Employee can also get discount of 10% on Fixed Monthly Cost of all 3G postpaid data plan.
This concession is applicable for all retired and working employees of Central Government, State Government, and PSUs (Public Sector Undertakings).
Retired and presently working employees having existing 3G Connections as well as new 3G connections will be eligible for this concession after verification of their credentials.
The above 10% discount can not be clubbed with any other special discount/concession.

Higher Education Loan Interest Waiver- Apply before 20th July 2011


As per Press release of Press Information Bureau, Government of India, all eligible students for Central Government Scheme for Interest Subsidy on education loan can get exemption from payment of interest on the education loan which is due on the loans for the academic year 2099-10 onwards.
The last day for claiming this exemption is 20.07.2011. Those already applied for this exemption need not apply again.
All Scheduled Member Banks of the IBA have also been advised to take necessary action to adopt and implement the Scheme so that the benefits of the Scheme accrue to the eligible students. Canara Bank is the Nodal Bank, for the Member Banks of IBA, for claiming reimbursement of interests to student accounts.
The loans are for pursuing of studies in professional/technical streams from recognized institutions in India, subject to a loan ceiling of Rs.10 lakhs.
The details of the Scheme as well as the above communication are available on the website of the HRD Ministry at www.education.nic.in.

Central Government has provided this Interest Subsidy (CSIS) taken by students under educational loan scheme of Indian Banks Association (IBA), to pursue Technical/ Professional education studies in India.
The scheme is effective from the academic year 2009-10.
The benefits of the Scheme would be applicable to those students belonging to economically weaker sections(EWS), with an annual gross parental/family income upper limit of Rs.4.50 lakhs per year (from all sources).

Some of the salient features of the scheme :


The Governemt of India has approved a scheme to provide full interest subsidy during the period of moratorium i.e. Course Period plus one year or six months after getting job, whichever is earlier, on loans taken by students belonging to Economically Weaker Sections from scheduled banks under the Educational Loan scheme of the Indian Banks’ Association, for pursuing any of the approved courses of studies in technical and professional streams, from recognised institutions in India
The Scheme would be applicable only for studies recognised Technical/Professional Courses in India. The interest subsidy shall be linked with the existing Educational Loan Scheme of IBA and restricted to students enrolled in recognised Technical/ Professional Courses (after Class XII) in India in Educational Institutions established by Acts of Parliament, other Institutions recognised by the concerned Statutory Bodies, Indian Institutes of Management (IIMS) and other institutions set up by the Central/State Government.
Objective of the Scheme
The Governemt of India has approved a scheme to provide full interest subsidy during the period of moratorium i.e. Course Period plus one year or six months after getting job, whichever is earlier, on loans taken by students belonging to Economically Weaker Sections from scheduled banks under the Educational Loan scheme of the Indian Banks’ Association, for pursuing any of the approved courses of studies in technical and professional streams, from recognised institutions in India

Applicability of the Scheme

The Scheme would be applicable only for studies recognised Technical/Professional Courses in India. The interest subsidy shall be linked with the existing Educational Loan Scheme of IBA and restricted to students enrolled in recognised Technical/ Professional Courses (after Class XII) in India in Educational Institutions established by Acts of Parliament, other Institutions recognised by the concerned Statutory Bodies, Indian Institutes of Management (IIMS) and other institutions set up by the Central/State Government.

Interest Rates

The interest rates charged on the educational loan shall be as per the BPLR/Base Rate of the Individual Banks

Moratorium Period

Under the scheme, the interest payable by the student belonging to EWS for availing of the Educational Loan for Technical/Professional Courses in India for the period of moratorium i.e. Course Period plus one year or six months after getting job, whichever is earlier. After the period of moratorium is over, the interest on the outstanding loan amount shall be paid by the student, in accordance with the provisions of the existing Educational Loan Scheme of Banks and as may be amended from time to time, whichever is earlier.

Income Limit/Proof

The benefits of the Scheme would be applicable to those students belonging to economically weaker sections(EWS), with an annual gross parental/family income upper limit of Rs.4.50 lakhs per year (from all sources). The scheme is intended to cater to the needs of students belonging to EWS with prescribed upper parental gross income limit of the family from all sources, which is based on economic index and not on social background. The scheme is independent of any other schemes which may cater to Economically Weaker Sections.

Competent Authority

The Ministry of HRD, Government of India shall issue an Advisory to all the State Governments requesting them to designate appropriate authority or authorities who are competent to issue income certificates, based on economic index and not social background, for the purpose of this scheme. The Banks shall implement the Scheme based on the notification of the certification authority by State Governments communicated through District Level Consultative Committees (DLCCs).

Eligibility for Interest Subsidy

The interest subsidy under the Scheme shall be available to the eligible students only once, either for the first undergraduate degree course or the post graduate degrees/ diplomas in India. Interest Subsidy shall, however, be admissable for integrated courses (graduate+ post graduate). Interest subsidy shall not be available for the following student borrowers, Those students once they discontinue the course midstream, or who are expelled from the Institutions on disciplinary or academic grounds. However, the interest subsidy will be available only if the discontinuation was due to medical grounds for which necessay documentation to the satisfaction of the Head of educational institution will have to be given

Nodal Bank

The Scheme shall be implemented through Canara Bank, which is the Nodal Bank for the scheme. However, the student can apply under the scheme only through branch where educational loan is availed

Applicable Academic Year

The Scheme shall be applicable from the academic year 2009-10 starting 1stApril, 2009. The loan amount taken starting from the Academic Year 2009-10 (irrespective of the date of sanction) shall only be covered under the scheme of interest subsidy. Interest on any amount disbursed for courses starting before the academic year 2009-10 would not be considered for subsidy

List of Technical/Professional courses

Students enrolled in recognised Technical/Professional Courses (after Class XII) in India in Educational Institutions established by Acts of Parliament, other Institutions recognised by UGC/AICTE and other Statutory Bodies, Indian Institutes of Management (IIMS) and other institutions set up by the Central/State Government.

Indicative List of Eligible Courses

Under Graduate Courses and Post Graduate Courses in Engineering (B.E/ M.E, B.Tech/M.Tech,B.Arch/ M.Arch etc.) Medical/ Para Medical (MBBS/MD, B.SC/ M.Sc.Nursing,B.Pharmacy/M.Pharmacy, BPT/MPT, BOI/MOI,Siddha, Ayurveda, Homeopathy,Naturopathy etc.)Agriculture, Veterinary, Law, Dental (BDS/MDS), Management, Computer (MCA) etc.,Post Graduate diploma courses duly approved by AICTE/UGC and conducted byrecognized institutions.

Indicative List of Non Eligible courses

For studies in institutions abroad, courses pursued without completing class XII, Non Professional and Non Technical under Graduate and Post Graduate courses in Arts, Science, Commerce, Sociology, Music etc., Diploma Courses, Teacher Training Courses, Skill Development, Vocational Training courses etc.,

Proposals for opening of 275 new Kendriya Vidyalas

The Ministry of Human Resource Development (HRD) New Delhi, has been considering the  matter pertaining to the proposal of opening of 275 new Kendriya Vidyalayas under the Public Private Partnership (PPP).   Now,  the Ministry has desired from Kendriya Vidyala Sanghatan  to prepare the EFC MEMO for opening of 275 new KVs under the PPP mode.  As  the proposed scheme deserves extensive study, the Ministry has constituted a high level  committee comprising the following members with immediate effect to study the proposal of opening of 275 new Kendriya Vidyalays under PPP mode and deliberate thereon.   The Committee will submit its report within 3 months to the Commissioner, KVS.
1. Sh.O.M.Prabhakaran, Joint Commissioner (Admn)    – Chairman
2. Dr. E. Prabhakar, Dy. Commissioner (Pers)     – Member
3. Sh U.N.Khaware, Dy. Commissioner (Acad)     – Member
4. Sh B.S Nagaraja, Assistant Commissioner (Fin.)    – Member
5. Sh. K.K.Ahuja, Ex. Engineer     – Member
6. Sh N.S.Rana    E.O., RO Dehradun     – Member
7. Sh D. Manivannan E.O. RO Chennai     – Member
8. Sh Rajender Kr. Sharma, Sr. Admn Officer     – Member Secretary

Exemption from Filing of return for Salaries Employees

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.
Salient Features of this Order
The salient features of this Notification are as follows :-
1) This is applicable for the A.Y.2011-12 (Financial year 2010-11)
2) This is applicable only for salaries employees with Total Income (after considering all deductions) is less than 5 Lakhs.
3) Under this scheme salaried employees with income (after deductions) upto Rs. 500000 and having Interest on Savings bank account upto Rs.10000 shall not file their income-tax returns provided they declare their entire income to the employer and the tax is deducted on the same and Form 16 is issued.
This scheme is not applicable in respect of following cases :-
1) Employees employed with more than 1 employer during the year.
2) Employees with refund claims
3) Employees with any other sources of income other than salary & interest on savings bank deposit (example, FD Interest,Capital gain on sales, rent,etc.,)
4) Cases where the Assessment proceedings have been initiated under section 142/148/153A/153C of the Income tax Act,
Quote :-
Practically this benefit cannot be used by the employees for the A.Y.2011-12 (F.Y.2010-11) since the due date for filing Quarterly returns is over and by now all the companies would have issued Form 16 without considering the Bank Interest from Savings account.