Exclusive HOLI Discounts!
Get Courses and Combos at Upto 50% OFF!
Upgrad
LCI Learning

Share on Facebook

Share on Twitter

Share on LinkedIn

Share on Email

Share More

S C KHOSLA (Ex - Scientist `F`& Head (SPPD))     23 July 2012

Exemption of salaried employees from requirement of filing o

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

Central Board of Direct Taxes (CBDT) 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

Source : GOI website



Learning

 1 Replies

R RAJAGOPALAN (ADVOCATE)     09 August 2012

There are many disadvantages in availing oneself of this Exemtion; it is advisable to file  the return.


Leave a reply

Your are not logged in . Please login to post replies

Click here to Login / Register