Latest Expert Exchange Queries
sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
 
 
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Service Tax | Sales Tax | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Indirect Tax | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing
 
 
 
 
Popular Search: cpt :: articles on VAT and GST in India :: ARTICLES ON INPUT TAX CREDIT IN VAT :: ACCOUNTING STANDARD :: VAT Audit :: TDS :: form 3cd :: Central Excise rule to resale the machines to a new company :: empanelment :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: list of goods taxed at 4% :: due date for vat payment :: ACCOUNTING STANDARDS :: VAT RATES :: TAX RATES - GOODS TAXABLE @ 4%
 
 
Direct Tax »
 Senior IRS officer Rajendra Kumar appointed new CBDT member
 Income tax raids continue on premises of three Chennai businessmen
 Hopeful of meeting direct tax collection target for this financial year: CBDT
 Bengaluru tops in income tax probes after demonetisation
 Income Tax department rejects black money disclosures of over Rs 2 lakh crore
 CBDT urges people to protect bank accounts from 'unscrupulous elements'
 No change in gold seizure norms in proposed I-T Law amendments
 Direct tax collection will get a long-term boost, Franklin Templeton says
 I-T Act amendments upset calculations of cash hoarders
 Claim tax benefit on costs incurred to evict tenants
 The Integrated Goods And Services Tax Act, 2016

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.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2016 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Software Work Flow Workflow Software Software Automation Workflow automation Software Design Workflow Design Business Work Flow Workflow automation tools

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions