No need to file tax return for AY 2012-13 if income does not exceed five lakh rupees …… do i have to file a tax return.?

During the financial year 2011-12, if you have received salary from only one employer,

You have received interests from savings bank account not exceeding Rs. 10,000/- and your employer has considered this income for deduction of tax.

Your total income does not exceed 5 lakh rupees and you don’t have any income except these two.

Then you don’t have to file the income tax return for the Assessment year 2012-13.

Central Board of Direct Taxes issued a notification (NOTIFICATION NO. 9/2012 DATED 17-2-2012) granting exemption to specified persons from requirement of furnishing a return of income under section 139(1) for assessment year 2012-13.

In addition to the above conditions the following conditions should be fulfilled to get this exemption.

• Employee should have reported to his employer his Permanent Account Number (PAN)

• Employee should have received a certificate 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 and employer should have deposited this tax to the Central government. and

• Employee has no claim of refund of taxes due to him for the income of the assessment year.

If all these conditions are fulfilled then the individual can be exempted from filing of tax return for the Assessment year 2012-13.

For more details please refer the Frequently Asked Questions published by the Income tax department