Salaried Taxpayers with income up to Rs. 5 lakh exempted from filing IT Returns
CENTRAL Government has exempted
An Individual whose total income for the relevant assessment year does not exceed five lakh rupees and consists of only income chargeable to income-tax under the following head,-
(A) “Salaries”;
(B) “Income from other sources”, by way of interest from a saving account in a bank, not exceeding ten thousand rupees.
from the requirement of furnishing a return of income under sub-section (1) of section 139 for the assessment year 2012-13, subject to the following conditions:
The individual
i) has reported to his employer his permanent Account Number (PAN);
ii) has reported to his employer, the incomes mentioned in sub-para (B) of para I and the employer has deducted the tax thereon;
iii) has received a certificate to of tax deduction in Form 16 from his employer which mentions the PAN, details of income and the tax deducted at source and deposited to the credit of the Central Government;
iv) has discharged his total tax liability for the assessment year through tax deduction at source and its deposit by the employer to the Central Government;
v) has no claim of refund of taxes due to him for the income of the assessment year, and
vi) has received salary from only one employer for the assessment year.
The exemption from the requirement of furnishing a return of income tax shall not be available where a notice under section 142 (1) or section 148 or section 153A or section 153C of the income tax Act has been issued for filing a return of income for the relevant assessment year.
A similar exemption was earlier given for the Assessment Year 2011-12. Please see - 24.06.2011.
CBDT Notification No. 9/2012, Dated: February 17, 2012