Exemption for Filing of Income Tax Return

Monday, July 23, 2012 | comments

Friends
 Income Tax Department has issued circular for Exemption of Salaried Employees from Requirement of Filing of Returns for Assessment Year 2012-13 vide Press Release [No. 402/92/2006-MC (15 of 2012)], Dated 20.07.2012. This circular makes easy an individual to know whether he is responsible for submission of his Income Tax Return or not. 


EXEMPTION OF SALARIED EMPLOYEES FROM REQUIREMENT OF FILING OF RETURNS FOR ASSESSMENT YEAR 2012-13
PRESS RELEASE [NO. 402/92/2006-MC (15 OF 2012)], DATED 20-7-2012
CBDT vide its notification No. 9/2012 dated 17th February, 2012 has exempted salaried employees from the requirement of filing the returns for A.Y. 2012-13. The exemption is applicable only if all the following conditions are fulfilled: -
  •  Employee has earned only salary income and income from savings bank account and the annual interest earned from savings bank account is less than Rs. 10 thousand.
  •  The total Income of the employee does not exceed Rs. 5 Lakh (Total Income means Gross Total Income Less deductions under Chapter VIA).
  •  The Employee has reported his PAN to the employer.
  •  Employee has reported his income from interest on savings bank account to employer.
  •  Employee has received Form 16 from his employer.
  • Total Tax Liability of employee has been paid off by employer by way of TDS and employer has deposited TDS with central government.
  •  Employee has no refund claim.
  •  Employee has received salary only from one employer.
  •  Employee has not received any Notice from Income Tax Department for filing of Income Tax return.
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