I started my career in July 2010 with very less salary. My income after all deductions was not upto taxable slab. Hence no tax was paid for the financial year 2010-11. I have form16 for the same.

For next Financial year 2011-12, some tax was paid by my employer from my salary and have form 16 for the same. My taxable income was less than 5 lacs.

I have not filled IT returns for both the financial years till now.

Honestly I was not aware of what IT returns is. I thought that we have to file IT returns only if we have paid extra tax and to get returns from IT dept. No one was there to guide me.

Now I have 2 questions

1. For Financial year 2010-11, I hope I dont have to file returns, as my income doesnt comes under taxable slab. Am I right about that???

2. As per the news, from financial year 2011-12 a salaried person whose taxable income is less than 5 lacs and his/her savings account interest of a year is not more than 10000 and have form16 given by employer, does'nt have to file IT returns.. Now there is one more condition that, the interest earned should be declared to the employer and that interest details should be present in form16 to get this benefit of not filing IT returns... My interest of savings account was very low (max 400 rs) which I have not declared to my employer and not present in my form16... So my question is do I have to file IT returns for 2011-12

Please any one help me regarding this query...