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Saturday, July 28, 2012

Salaried employees with taxable income less than 5 lakhs need not file IT returns - CBDT

Every year as the month end of July approaches, people become restless – for 31st July is the last date for filing Income Tax returns for individuals.  Most pantries will reverberate heated discussions on how hard the Dept is on slapping taxes and how difficult and cumbersome it is to file one’s returns and claim refunds. Some would argue that since their income is by way of salary which is deducted at source, there is no need for filing returns – which certainly is not correct.

There are of course simpler ways – why wait till the last minute and join the mad rush !

Last year in June 2011, the Central Board of Direct Taxes vide their notification : No.402/92/2006-MC (14 of 2011) dated 23rd June, 2011, notified the scheme exempting salaried taxpayers with total income up to Rs.5 lakh from filing income tax return for assessment year 2011-12.

The exemption from filing I-T returns is applicable only if 'the total income of the employee does not exceed Rs. 5 lakh ... (and) the annual interest earned from savings bank account is less than Rs.10,000' for assessment year 2012-13.  Filing I-T returns is, however, necessary to claim refunds.  Further the exemption is permissible only where the assessee has received a certificate of tax deduction in Form 16 from the employer.  Earlier, it was obligatory for all salaried persons to file income tax returns under the Income Tax Act, 1961.

So, if you are one who has taxable income arising out of salary less than Rs.5 lakhs, you need not have the hassle of rushing out to the long special counters of Income tax Department.  The Central Board of Direct Taxes (CBDT) has  clarified  that the scheme of exemption  from filing their income-tax returns as detailed above is applicable  for assessment year 2012-13 (financial year 2011-12) also.

You may download the earlier notification by clicking here :CBDT Press release 

with regards – S. Sampathkumar.

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