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:
- Applicable to Individuals only.
- Total income does not exceed Rs.5 lakh,
- 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.
- Assessee has reported his PAN to his employer and also reported to his employer amount of interest received in saving bank account,
- The employer has deducted the tax thereon,
- 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,
- Assessee has no refund/tax liability,
- 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
