This year all the employees in India need to remember something that will help them save money and time.
If you earn Rs 5 lac or less, then you are not required to file income tax this year.
Salaried employees earning up to 5 lakh a year will not be required to file income tax returns from this year,says a Finance Ministry notification.
There are about 85 lakh salaried persons in the country whose yearly income,including earnings from other sources like bank deposits,does not exceed 5 lakh.
If you fall in that bracket, then please remember to have the certificate of tax deduction (Form 16) from your employer.
“An individual whose total income for the relevant assessment year does not exceed Rs 5 lakh and consists of only income chargeable to income-tax under…salaries…(and) income from other sources,by way of interest from a saving account in a bank,not exceeding Rs 10,000″ have been exempted from filing the returns from assessment year 2012-13″,it said.
Exemption from filing will be permitted only if the person has received a certificate of tax deduction in Form 16 from his or her employer.