Exemption to salaried employees from filing the returns for AY 2012-13

Central Board of Direct Taxes (CBDT) vide its Notification No. 9/2012 dated 17th February, 2012 has exempted salaried employees from the requirement of filing the returns for assessment year 2012-13. The exemption is applicable only if all the following conditions are fulfilled:-

¢ Employee has earned only salary income and income from savings bank account and the annual interest earned from savings bank account is less than Rs. 10 thousand.

¢ The total Income of the employee does not exceed Rs. 5 Lakh (Total Income means Gross Total Income Less deductions under Chapter VIA).

¢ The Employee has reported his PAN to the employer.

¢ Employee has reported his income from interest on savings bank account to employer.

¢ Employee has received Form 16 from his employer.

¢ Total Tax Liability of employee has been paid off by employer by way of TDS and employer has deposited TDS with central government.

¢ Employee has no refund claim.

¢ Employee has received salary only from one employer.

¢ Employee has not received any Notice from Income Tax Department for filing of Income Tax return.

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eMinds Legal Consulting Pvt. Ltd. is a Consulting Firm in India specialzing in Corporate Laws, Compliances, Secretarial, FEMA, Indirect Taxation, Cyber Laws & Contracts. The Firm comprises of a team of professionals of Company Secretaries, Lawyers and Chartered Accountants with an in-depth subject matter knowledge and participative industry experience of over 12 years.

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