Notification dated 23-6-2011 for AY 2011-12 and Notification 9/2012 dtd 17-2-2012 for AY 2012-13
- Only Individual assessees have been exempted
- Exemption is available only for assessment year 2011-12 & 2012-13. It is not available for ITRs of AY 2010-11 which are filed during 2011-12
- Exemption is available for total income equal to or less than rs. 5 lacs. Hence Gross total Income can exceed Rs. 5,00,000 in such cases.
- Further exemption is available only if assessee has following income only:
a) Salary Income
b) Saving Bank Account Interest up to Rs. 10,000
- Where assessee is having exempt income also say receipts from LIC or dividend income or interest from post office saving account (declared taxable recently) whether the exemption shall be available is not certain.
Some conditions
(i) Pan reported to employer;
(ii) Saving Bank Account Interest reported to employer and the employer has deducted the tax thereon;
(iii) Form 16 received from employer which mentions
PAN (of employee or employer ?)
Details of income and the tax deducted at source and deposited to the credit of the Central Government;
(iv) Discharged his total tax liability for the assessment year through tax deduction at source and its deposit by the employer to the Central Government;
(v) No claim of refund of taxes due to him for the income of the assessment year; and
(vi) Received salary from only one employer for the assessment year.
Return filed in response to notice
The 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.
- Only Individual assessees have been exempted
- Exemption is available only for assessment year 2011-12 & 2012-13. It is not available for ITRs of AY 2010-11 which are filed during 2011-12
- Exemption is available for total income equal to or less than rs. 5 lacs. Hence Gross total Income can exceed Rs. 5,00,000 in such cases.
- Further exemption is available only if assessee has following income only:
a) Salary Income
b) Saving Bank Account Interest up to Rs. 10,000
- Where assessee is having exempt income also say receipts from LIC or dividend income or interest from post office saving account (declared taxable recently) whether the exemption shall be available is not certain.
Some conditions
(i) Pan reported to employer;
(ii) Saving Bank Account Interest reported to employer and the employer has deducted the tax thereon;
(iii) Form 16 received from employer which mentions
PAN (of employee or employer ?)
Details of income and the tax deducted at source and deposited to the credit of the Central Government;
(iv) Discharged his total tax liability for the assessment year through tax deduction at source and its deposit by the employer to the Central Government;
(v) No claim of refund of taxes due to him for the income of the assessment year; and
(vi) Received salary from only one employer for the assessment year.
Return filed in response to notice
The 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.
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