28 February 2012

Exemption to Salaried Individuals from Filing Income Tax Return FY 2011-12 AY 2012-13

For Assessment Year 2012-13, Central Government has extended the scheme to exempted Individual Assesses from filing Income Tax Return u/s.139(1) of the Income-tax Act; subject to following conditions:

  1. Applicable to Individuals only. 
  2. Total income does not exceed Rs.5 lakh,
  3. Total Income consists only a) Income form Salary and b)Interest for Saving bank account  not exceeding Rs.10,000/-. The assessee must have no other income.
  4. Assessee has reported his PAN to his employer and also reported to his employer amount of interest received in saving bank account, 
  5. The employer has deducted the tax thereon,
  6. Assessee has received Form 16 from his employer stating PAN no of asseessee, details of income, tax deducted thereon and details of tax credited to account of Central Goverment,
  7. Assessee has no refund/tax liability,
  8. Assessee has received salary from one employer only,

Total income means income arrived after allowing deduction u/c. VI-A, i.e deduction u/s.80C, ……….. and like

Exemption is available to individual assesses only.
The Scheme was first introduced for F.Y. 2010-11 i.e. A.Y. 2011-12. This is second year of notification of exemption. The government issues notification on yearly basis. 

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.

NOTIFICATION NO. 9/2012 [F. NO.225/283/2011-ITA(II)], DATED 17-2-2012