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
Central Board of Direct Taxes (CBDT) vide its Notification No. 9/2012 dated 17th February, 2012 has exempted salaried employees from the requirement of filing the returns for assessment year 2012-13. The exemption is applicable only if all the following conditions are fulfilled:-
• Employee has earned only salary income and income from savings bank account and the annual interest earned from savings bank account is less than Rs. 10 thousand.
• The total Income of the employee does not exceed Rs. 5 Lakh (Total Income means Gross Total Income Less deductions under Chapter VIA).
• The Employee has reported his PAN to the employer.
• Employee has reported his income from interest on savings bank account to employer.
• Employee has received Form 16 from his employer.
• Total Tax Liability of employee has been paid off by employer by way of TDS and employer has deposited TDS with central government.
• Employee has no refund claim.
• Employee has received salary only from one employer.
• Employee has not received any Notice from Income Tax Department for filing of Income Tax return.
I paid service tax on my annuity policy can I get exemption from my income for service tax amount
This will not give so great relief to the assessees who is income is less than 10L. Tthe govt didn`t review the prices of the essential commodities gone higher than himalaya, which is heavily impacting poor and poor middile class working community. As like minimum wages, the govt should recommend a minimum increment norms to all private and corporates to help the working group.
Like to know about submission of it return i. r. o sr ctzn , if anything stipulated
in the 2012- 2013 finance budget.
I have properly filled the loss to be carried forward to future years in my previous year IT return. That was only for house property loss. Now this year
I want to claim it . lets say the total amount of CFL was Rs. 1,00,000/- how much adjustment of this loss can be adjusted in this year BFLA (set off of brought forward losses of earlior year).
Two cases one the house is in my possassion & ocupiedby me. second is the house is in my posssassion but vacant.
its like giving some big news to already honest hardworking class of people.
With if & buts.
With price of essential commodities touching zenith,soon nxt year same relief will be 10 lacs+?
Retired,fixed income class v much neglected,deprived.
Wah
Govt.that cares.
This notification is just an eyewash & hardly a handful of assesses may be benefited
will not apply.
CBDT, by this notification tries to show as if they have made a remarkable relief / assessee friendly exemption, making sure while drafting the circular that no assessee will benefit out of it.