Saturday, 21 July 2012

Exemption of Salaried Employees for IT return

Central Board of Direct Taxes (CBDT) vide its Notification No. 9/2012 dated 17th February, 2012 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. 

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