Exemption of Salaried Employees from Requirement of Filing of Returns for Assessment Year 2012-13

| February 21, 2012 | Reply

Exemption of Salaried Employees from Requirement of Filing of Returns for Assessment Year 2012-13
Central Board of Direct Taxes (CBDT) vide its Notification No. 9/2012 dated 17th February, 2012 has exempted salaried employees from the requirement of filing the returns for assessment year 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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Category: Finance Ministry, Income Tax

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