Finance Ministry released a notification which said ?Salaried employees earning up to Rs 5 lakh a year will not be required to file income tax returns from this year which will benefit over 8.5 million people who do not earn more than 5 lakhs per year. TheCentral Board of Direct Taxes?(CBDT) made it clear in the notification that?tax exemption is valid for only two types of incomes, namely salary from employment and income by way of interest from a saving bank account.
The additional requirements and conditions to avail the benefit are:
- Interest earned from a savings bank account should not exceed Rs 10,000.
- The individual has obtained a Permanent Account Number (?PAN?) from the Income-tax authorities and has reported the same to his employer.
- The individual has reported to his employer the interest income and the employer has deducted the tax thereon.
- The individual has received a certificate to of tax deduction at source (?Form 16?) from his employer which mentions the PAN, details of income and the tax deducted at source and deposited to the credit of the Central Government.
- The individual has discharged his total tax liability for the assessment year through tax deduction at source and its deposit by the employer to the Central Government.
- The individual has received salary from a single employer throughout the financial year.
- The individual has not claimed a tax refund for the income of the relevant financial year.
Persons with income sources other than salary and interest income from a savings bank account (i.e. getting salary from more than two employers and those having refund claims)will not be entitled to the exemption from filing?tax returns.
Source: http://www.am2pmnews.com/finance/no-tax-return-for-salaries-upto-5-lakhs.html
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