Exemption to specified persons having total income upto Rs. 5 Lakh from requirement of furnishing a return of income
NOTIFICATION NO. 9/2012 [F. No.225/283/2011-ITA(II)], dated 17-2-2012
In exercise of the power conferred by sub-section (IC) of
section 139 of the Income-tax Act, 1961 (43 of 1961), the Central Government
hereby exempts the following class of persons, subject to the conditions
specified hereinafter, from the requirement of furnishing a return of income
under sub-section (1) of section 139 for the assessment year 2012-13, namely:-
1. Class of persons.- An Individual whose total
income for the relevant assessment year does not exceed five lakh rupees and
consists of only income chargeable to income-tax under the following head,-
(A) “Salaries”;
(B) “Income from other sources”, by way of interest
from a saving account in a bank, not exceeding ten thousand rupees.
2. Conditions,- The individual referred to in para
1,-
i.
has reported to his
employer his permanent Account Number (PAN);
ii.
has reported to his
employer, the incomes mentioned in sub-para (B) of para I and the employer has
deducted the tax thereon;
iii.
has received a
certificate to of tax deduction in Form 16 from his employer which mentions the
PAN, details of income and the tax deducted at source and deposited to the
credit of the Central Government;
iv.
has 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.
has no claim of
refund of taxes due to him for the income of the assessment year, and
vi.
has received salary
from only one employer for the assessment year.
3. 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.
4. This notification shall come into force from the date its
publication in the Official Gazette.
Source:
www.incometaxindia.gov.in
