Thursday, March 15, 2012

SALARIED CAN SKIP FILING RETURN ONLY UNDER CERTAIN CONDITIONS

The Central Board of Direct taxes (CBDT) has notified for salaried persons not filing an income-
tax return despite having taxable income for the upcoming assessment year 2012-13. The conditions are that the total income should not  exceed Rs 5 lakh, including salary and savings bank interest, if any, not exceeding RS 10,000. Such  interest needs to be disclosed to the employer, who would deduct tax on salary as embellished  by savings interest. The rules make it clear that, just as no tax should due either.

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