Exemption of salaried employees from requirement of filing of returns for assessment Year 2012-13

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.
  

Posted in: Exemption form Return,Income Tax Exemptions,No Income Return