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No I-T return needed for salary up to Rs 5 lakh
July, 21st 2012

Salaried employees with an annual income of up to Rs 5 lakh are exempted from filing income tax returns for assessment year 2012-13 provided they don't have any other income, the Central Board of Direct Taxes said on Friday.

Individuals having interest earnings from savings bank deposits are also exempted from filing returns if the interest component is less than Rs 10,000 a year. The total income of Rs 5 lakh means gross income of an employee after deductions.

The exemption has been made conditional to an employee having provided his Permanent Account Number to his employer and all interest income from savings bank being reported before Form 16 is generated.

Exemption to file returns also applies to those whose tax liability has been taken care of by the employer and deposited to the government through Tax Deducted at Source deposits. In case an employee has tax refund claim, he will need to file returns. The exemption will also not apply to those to whom the tax authorities have issued notice to file I-T returns.

 
 
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