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Employees earning up to Rs.5 lakh annually exempt from filing tax
return
Friday July 20, 2012 04:54:26 PM, IANS
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New Delhi:
Employees with annual income up to Rs.5 lakh are not required to
file tax return from the assessment year 2012-13, if there is no
other income and his/her salary is from one employer, the finance
ministry said Friday.
The Central Board of Direct Taxes (CBDT) had issued the
notification in this regard in February this year.
The new rule is applicable for the assessment year 2012-13, for
which the last date for filing of income tax return is July 31,
2012.
The finance ministry said the tax payers will be eligible for this
exemption only if they fulfil certain conditions.
Only those employees will be exempted from filing returns who have
reported to the employer their permanent account number (PAN) and
income, if any, from interest on savings bank account and received
Form 16 from the employer.
Employees must have earned only salary income and income from
savings bank account with the annual interest earned from savings
bank account being less than Rs.10,000 and the total Income of the
employee not exceeding Rs.5 lakh (total income means gross total
income less deductions).
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