No I-T returns if you earn 5 lakh or less

TIMES NEWS NETWORK 

New Delhi: Salaried employees with an annual income of up to Rs 5 lakh have been exempted from filing income tax returns for assessment year 2012-13 if they don’t have any other income, the Central Board of Direct Taxes said on Friday. Individuals having interest earnings from savings bank deposits are also exempted from filing returns if the interest component is less than Rs 10,000 a year. The total income of Rs 5 lakh means gross income of a staffer after deductions. 


I-T returns must for tax refund claim 

New Delhi: The Central Board of Direct Taxes said on Friday that those earning up to Rs 5 lakh a year need not file income tax returns. The exemption has been made conditional to an employee having provided his PAN to his employer and all interest income from savings bank being reported before Form 16 is generated. 
    Exemption from filing returns also applies to those whose tax liability has been taken care of by the employer through TDS deposits. In case an employee has a tax refund claim, he will need to file returns. The exemption will also not apply to those to whom the tax authorities have issued notice to file I-T returns.


SOURCE::: The Times of India, 21-07-2012, p.01. http://epaper.timesofindia.com/Default/Client.asp?Daily=TOIM&showST=true&login=default&pub=TOI&Enter=true&Skin=TOINEW