Filling of return

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sahil garg

sahil garg (Querist)
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08 March 2013 want to know that is there any limit of 5 lacs for salaried employees for filling og return ?????

Dintakurthi Tirumala

Dintakurthi Tirumala (Expert)
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08 March 2013 Yes, there is exemption to the salaried employees to file income tax return but the following conditions has to satisfy.

1) Employee's Net taxable income should be below Rs.5,00,000

2) Employee doesn't have any income taxable under other heads except interest income from bank savings account and such interest on savings account has to be report by the employee to the employer for the purpose of TDS.

3) and employer has deducted total tax liability by the employee as TDS and there is no tax payable or refundable to the employee.

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