I.t return 2012-13

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

23 July 2013 Dear sir,
Iam a new new emplyee of a comapany.For the year 2012-13 I have recd a gross salary of Rs.139564 and bank interest of Rs.5000/-
Is it compalsory for me to file Income tax return.
Please reply back at the earleist.

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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23 July 2013 No its not compulsory but its advisable to file your return.

Please note that salaried individuals earning less than Rs 5 lakh and having saving bank interest income of less than Rs 10,000 in a year need not file their tax return. This too though comes with a rider. The exemption from filing return is available only if the employer has deducted the entire tax liability through TDS and deposited it with the government. If salaried employees have changed jobs during the year, they will not be exempt from filing the tax return even if they fulfill the condition.

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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24 July 2013 Correction. You need to file your Income Tax Return even if Income is below Rs 5 Lacs. Exemption mentioned above have been withdrawn. For details see below link--

https://www.caclubindia.com/news/special-it-return-receipt-counters-for-salaried-tax-payers-with-income-upto-rs-5-lakh-13180.asp

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