Salaried employees to get more tax benefits
Now, salaried employees who are earning up to Rs 5 lakh a year, are not required to file income tax returns for assessment year 2012-13.
The immunity from filing I-T returns is valid in those conditions, when total income of the employee does not exceed Rs 5 lakh and the annual interest received from savings bank account is less than Rs 10,000. The exemption will be allowed only if the assessee has received a certificate of tax deduction in Form 16 from the employer. To become eligible for exemptions, the employees will be required to report their employer the income from interest on savings bank account. However, filing of income tax returns is necessary to claim refunds.
Month: Current Affairs - July, 2012
Topics: Economy • Income tax in Australia • Income tax in India • Income tax in the United States • Income tax return • Income taxes • Indian tax forms • IRS tax forms • Tax • Tax Deducted at Source • Tax forms • Taxation in Australia