CA Subash Srinivasan
Salaried employees earning up to Rs 5 lakh a year will not be required to file income tax returns from this year, says Finance Ministry notification No. 9/2012, dated: February 17, 2012.
There are about 85 lakh salaried persons in the country whose yearly income, including earnings from other sources like bank deposits, does not exceed Rs 5 lakh.
“An individual whose total income for the relevant assessment year does not exceed Rs 5 lakh and consists of only income chargeable to income-tax under…salaries… (and) income from other sources, by way of interest from a saving account in a bank, not exceeding Rs 10,000” have been exempted from filing the returns from assessment year 2012-13”, it said.
IS IT SO……
The following are the hidden conditions for the above notification:
On the other ground ,an assessee is getting a salary of 300000 PA or any such amount more than basic exemption limit and less than Rs.500000. Assessee may have invested in any of the investments mentioned U/s 80 C for which he’ll be getting interest which will exclude him from this exemption.
Practically speaking if you are going for any loans, Most of the banks’ be requesting to provide Income Tax returns, even though we are having pay slips.
Some of the Foreign Countries for issuing VISA, they specifically ask for Income tax return.
On evaluating the above, an assessee in no way is exempted from filing return of Income unless he is not having any Income.
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