As July 31 is approaching, a number of tax payers are disheveled regarding the filing process of tax returns. However, a few may get rid of this stress and may not have to go through the phase of filing as the Central Board of Direct Taxes (CBDT) has ordered salaried employees that their exemption from the requirement of filing the returns, for assessment year 2012-13, be issued. The very exemption from filing I-T returns can be availed for if the total income of the employee does not exceed Rs 5 lakh and some underlined conditions are met by the concerned employees. The conditions state that an employee can claim to be able to be exempted if
The employee has earned salary income only, including the income from savings bank account and the annual interest earned from savings bank account is less than Rs 10,000.
The employee’s total income is less than or equal to Rs 500,000 (under Chapter VIA, total income refers to the gross total income less deductions).
The employee’s PAN has been reported to his employer.
The employee’s income from interest on savings bank account has been reported to the employer.
The employee has received Form 16 from his employer.
Employee’s total tax liability has been paid off by the employer via TDS. And the employer has deposited the TDS to the Central government.
The employee holds no refund claim.
The employee has been receiving salary from one employer only.
The employee has previously not received any notice from the Income Tax Department for filing of
Before the above-highlighted amendment, it was mandatory for the salaried persons to file income tax returns under the Income Tax Act, 1961. Today, tax payer may take a breath of relief as the income tax department has made special arrangement.
According to tax department officers, special service centers, in order to help assist the people, would be set up in Delhi and ‘Tax Kiosks’ in various parts of Mumbai. As a result, the Mumbai Income Tax Department will set up ‘Tax Kiosks’, which will be handled and managed by Tax Return Preparers, at diverse locations so as to allow a healthy flow of work and to assist individual and HUF taxpayers in preparation and filing of the returns. Prescribed fees of Rs.250/- per return shall be payable by the taxpayers to such TRPs.
NOTIFICATION NO. 9/2012 [F. NO.225/283/2011-ITA(II)], DATED 17-2-2012 can found on
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Income up to Rs 2 lakh would be tax free; income from Rs 2 to 5 lakh would be taxed at 10%; from Rs 5 to 10 lakh at 20%; and income above Rs 10 lakh would attract tax of 30%.
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