This is great news for salaried employee who are filing of Income Tax Return for Assessment Year 2012-13 whose the total Income of the employee does not exceed Rs. 5 Lakh (Total Income means Gross Total Income Less deductions under Chapter VIA) are exempt from filing of Income Tax Return. Regarding this Income Tax Department has issued circular for Exemption of Salaried Employees from Requirement of Filing of Returns for Assessment Year 2012-13 vide Press Release [No. 402/92/2006-MC (15 of 2012)], Dated 20.07.2012. This circular makes easy an individual to know whether he is responsible for submission of his Income Tax Return or not. Income tax department issued some conditions which are necessary for availing the exemption of no need to file income tax return for salaried person which are as under.
EXEMPTION OF SALARIED EMPLOYEES FROM REQUIREMENT OF FILING OF RETURNS FOR ASSESSMENT YEAR 2012-13
PRESS RELEASE [NO. 402/92/2006-MC (15 OF 2012)], DATED 20-7-2012
CBDT vide its notification No. 9/2012 dated 17th February, 2012 has exempted salaried employees from the requirement of filing the returns for A.Y. 2012-13. The exemption is applicable only if all the following conditions are fulfilled: -