Asst.Year 2012-13 - Exemption from filing Income-tax return

Starting this financial year, salaried employees earning up to Rs. 5 lakh a year no longer need to file income tax returns, the Finance Ministry said today.

The exemption from filing I-T returns is applicable only if 'the total income of the employee does not exceed Rs. 5 lakh ... (and) the annual interest earned from savings bank account is less than Rs. 10,000' for assessment year 2012-13.

Filing I-T returns is, however, necessary to claim refunds.The last date for filing tax returns is July 31.

The exemption will be permitted only if the assessee has received a certificate of tax deduction in Form 16 from the employer. The employees have to report income from interest on savings bank account to the employer to become eligible for exemptions.

 

There are about 85 lakh salaried persons in the country whose yearly income, including earnings from other sources like bank deposits, does not exceed Rs. 5 lakh.

Call an Expert Home to File Returns

 

 

 

 

The government has announced a new scheme under which any tax payer can seek online help or call an expert home for a nominal fee to help file income tax returns. The expert, called Tax Return Preparer(TRP)can charge a maximum of Rs 250 for preparing a tax return .

A taxpayer who chooses to register for home visit will be asked to indicate in short the help required and a convenient date and time when the TRP can visit him/her for assistance. The visit is arranged accordingly.

This scheme is applicable to individual and Hindu undivided family (HUF) tax payers who can take assistance of Tax Return Preparers (TRPs) in preparation and filing of their income tax returns.

The income tax department also pays incentive to the TRPs for preparing of returns, which is a percentage of the total tax paid as per the returns prepared by the TRP and subject to a maximum of Rs 1,000.
The home visit facility of TRPs has been made available in few cities such as Bangalore, Chennai, Guwahati, Hyderabad, Jaipur, Kolkata, Lucknow, Mumbai, New Delhi and Patna. It would be extended to more cities in the next phase