No filing of IT returns, if salary income below Rs 5 lakhs

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No filing of IT returns, if salary income below Rs 5 lakhs
The Central Board of Direct Taxes (CBDT) has exempted salaried employees from the requirement of filing their returns for assessment year 2012-13, if they meet the following criteria:

• 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 10,000.

• 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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Read more about: tax, interest rates
Story first published: Saturday, July 21, 2012, 13:01 [IST]
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