ITR Exempted for Income Less than 5 Lacs

Like previous year press release this year also Govt. of India notified that all salaried tax payers earning an income including income from other source below Rs. 5 Lacs,  shall be exempted like previous year from filing of Income Tax Return for this year i.e. Assessment Year 2012-13., subject to the following conditions:

1. Salaried Income of not more than Rs. 5 Lacs during a financial year (Rs. 5 Lacs to be computed after allowing deductions)
2. Interest earned by way of Interest through a saving bank is less than Rs. 10,000

The Govt. has also notified that the above exemption shall only be applicable to those class of taxpayers who have:-

1. Reported their PAN No. to their Employer.
2. Reported their Interest Income to their employer and the employer has adequately deducted the Tax thereon
3. Received Form 16 from their employer which clearly states the Total Income earned during the year, the PAN No., the TDS deducted and the deposited with the Central Govt.
4. Received Salary from not more than 1 Employer
5. Have no claim for Refund of Income Tax for the TDS deducted

However, the exemption from the requirement of furnishing a return of income-tax shall not be available where a notice under section 142(1) or section 148 or section 153A or section 153C of the Income-tax Act has been issued for filing a return of income for the relevant assessment year i.e. if your returns have come up for scrutiny or your income has escaped assessment.

Dated: 22.02.2012

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