The Central Government has exempted certain class of persons from filing the income tax return subject to following condition:
1. Assessee should be individual.
2. Income does not exceed Rs. 5 Lac.
3. Income is chargeable under Salaries.
Interest income less than Rs.10000 from the saving bank account (Chargeable under head income from other sources).
This means if any individual whose income is less than Rs.5 Lac but besides the salary income if he has income from interest from Fixed Deposit, or Rent Income from House Property or any Income from Capital Gain , or Dividend, or any Speculation Income from share transaction he can not get the benefit of this exemption and he has to file the return.
In addition to these conditions there are some other conditions also-
1. Reported PAN number to the employer.
2. Reported all his income to the employer and employer has deducted the TDS .
3. Received TDS certificate in Form No. 16 from his Employer.
4. Employer has deposited the TDS amount to the Central Government. (Note: Ask your employer to discharge this liability otherwise you have to file the return).
5. Has no claim of refund of taxes (Note: Make sure that you have given full details of deduction under section 80C to your employer. If by any mistake employer has deducted excess TDS and you file claim for the refund of the TDS amount , you have to file the return).
6. Received Salary from only one employer (Note: If you change your job in middle of the Financial Year, you have to file the return).
The exemption from the requirement of filing a return of the Income Tax is not available if any notice u/s 142(1), 148 , 153A or 153C of the Income Tax Act has been issued for filing a return for the relevant assessment year.
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