Wednesday 25 July 2012

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.

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