On this Friday, the Central Board of Direct Taxes announced that,
salaried employees, who have an annual income of below Rs 5 lakh, are exempted
from filling Income Tax return for assessment year of 2012-13, provided they
don’t have any sort of other incomes whatsoever.
They also added
that different individuals who are having earnings via interest from savings
bank deposits are also exempted from filling Income Tax returns only if the
total interest component is less than Rs 10,000 per year. Eventually here total
annual income of Rs 5 lakh means the total gross income of a salaried employee
after the deduction of all necessary taxes.
The announcement
contained a very important disclosure for all the beneficiaries. There is a
small condition to get this tax benefit. The exemption is possible only when an
employee has provided his Permanent Account Number (PAN) to his employer and
all of his interest income via different savings bank being reported properly
before Form 16 is generated.
This facility
of exemption to I-T file returns also applicable to those individuals, whose
tax liability has been fully taken care by the employer and also deposited to
the government through Tax Deducted at Source (TDS) deposits.
If an
employee needs to claim his tax refund, he will just need to file the returns.
The exemption will also not apply to those to whom the tax authorities have
issued notice to file Income Tax returns. So you need to file your I-T return
as early as possible to get this benefit.
0 comments:
Post a Comment