Friday, July 20, 2012

Income under 5 lacs from salary ? No need to file return

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

Source : PIB Press Release

FAQ on this circular (Published by I.T. Dept)


Shankar said...

Whenever any clarification comes we expect it to be complete covering all aspects. It is not clear as to whether pensioners whose income is less than 5 lakhs are required to file their returns.Some pensioners do not have any other income except pension.

Administrator said...

It needs no more clarification as pension is defined as a salary income under the Income Tax Act.So. pensioners having no other income except savings bank interest upto Rs 10000, is exempted to file their return of income.
However family pension is different, it is treated as "Income from other source".

Anonymous said...

Iam a pension.i have got about 10 lakhs worth of fixed deposits in bank.what about the interest from these fixed deposits.

Administrator said...

Interest from the fixed deposit is to be treated as "Income from other source" and it will be added to your income for tax calculation. In this case return of income has to be filed.

Anonymous said...

Sir, how can we determine the exact income through pension and 10 lakhs fixed deposits as these are deposited in three or four bank accounts separately. i want to know the exact procedure to calculate all of my earnings during the last financial year. i am a responsible ex-serviceman and don't want to be a tax defaulter now. so please help me sir

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