Exemption from Filing ITR

By: Raman Aggarwal

The CBDT has exempted certain class of assesses from filing the Income Tax Return after the accomplishment of following conditions:

Ø      Assessee should be an individual.

Ø      Income of the assessee does not exceed Rs. 5 Lac.

Ø      Income is chargeable under the head Income from Salaries.

Ø      Interest income should be less than Rs.10000 from the saving bank account. 

If any individual assessee has income from interest of Fixed Deposit or Rental Income from House Property or any Income from Capital Gain or Gain from Business or Profession or any Speculation Income from share transaction, then assessee will not be eligible to claim the benefit of “Exemption from filing Income Tax Return”. 

There are some other conditions also for availing this benefit-

Ø      Assessee has reported the Permanent Account Number (PAN) to the employer.

Ø      Assessee has reported all the income & full details of deduction under section 80C to the employer and employer has deducted the TDS.

Ø      Assessee has received TDS certificate in Form No. 16 from their Employer.

Ø      Employer has deposited the TDS amount to the Central Government.

Ø      Assessee has no claim of refund of taxes.

Ø      Assessee has received Salary only from one employer and if any assessee changes their job in middle of the Financial Year, assessee has to file the return. 

If any notice u/s 142(1), 148, 153A or 153C of the Income Tax Act, 1961 has been issued for filing an Income Tax Return for the relevant assessment year then the exemption from filing Income Tax Return will not available.

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