Please Help: income tax
Posted Date : 24-Jul-2012 , 01:56:53 pm | Posted By: PRAKASH KUMAR SINGH
Category :
Income Tax | Answers :
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Comments :
4| Hits: 170
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are salaried person exempt from filing income tax return? |
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Answers:
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 Answer by: CA. SURESH Kr. AGARWAL |
| Dear, Individuals having only salary income less than Rs. 5 Lac on which TDS has been deducted by the employers are exempt from filing the return.
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| Answer by: Rambabu Senkarasetti |
| what suresh kumar said is correct.
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| Answer by: Krishna Chandra Santi |
| Applicable for individuals having salary income and bank interest on which tax are deducted at sources by the employer and by the bank
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| Answer by: Saurabh Goyal |
| as per last year amandment if ur tds is deducted and paid and ur salary is up to rs 500000 then u r not responsible to file ROI.
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| Comments |
| Posted By : CA Sagar Saraswat |
26-Jul-2012, 06:48:37 |
| here bank means only int. on SB a/c |
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| Posted By : Vinit Agarwal |
25-Jul-2012, 10:44:49 |
| i agrred with mr. suresh but your interest income should also be less than 10000. then u are exempt from filling the return |
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| Posted By : CA Mordhwaj Garg |
24-Jul-2012, 06:34:45 |
| Dear Prakash,
Individual having only salary income less than Rs. 5 lacs on wich TDS deducted by the employers are exempt from filling the return. if it is satisfied the following conditions :-
SECTION 139 OF THE INCOME-TAX ACT, 1961 - RETURN OF INCOME - EXEMPTION TO SPECIFIED PERSONS FROM REQUIREMENT OF FURNISHING A RETURN OF INCOME UNDER SECTION 139(1) FOR ASSESSMENT YEAR 2012-13
NOTIFICATION NO. 9/2012 [F. NO.225/283/2011-ITA(II)], DATED 17-2-2012
S.O... (E). - In exercise of the powers conferred by sub-section (IC) of section 139 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby exempts the following class of persons, subject to the conditions specified hereinafter, from the requirement of furnishing a return of income under sub-section (1) of section 139 for the assessment year 2012-13, namely:-
1. Class of persons. -An individual whose total income for the relevant assessment year does not exceed five lakh rupees and consists of only income chargeable to income-tax under the following head,-
(A) "Salaries";
(B) "Income from other sources", by way of interest from a saving account in a bank, not exceeding ten thousand rupees.
2. Conditions,- The individual referred to in para 1,-
(i) has reported to his employer his Permanent Account Number (PAN);
(ii) has reported to his employer, the incomes mentioned in sub-para (B) of para 1 and the employer has deducted the tax thereon;
(iii) has received a certificate of tax deduction in Form 16 from his employer which mentions the PAN, details of income and the tax deducted at source and deposited to the credit of the Central Government;
(iv) has discharged his total tax liability for the assessment year through tax deduction at source and its deposit by the employer to the Central Government;
(v) has no claim of refund of taxes due to him for the income of the assessment year, and
(vi) has received salary from only one employer for the assessment year.
3. 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.
4. This notification shall come into force from the date of its publication in the Official Gazette. |
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