Income tax department has exempted salaried person for income tax return filing if the income of the salaried person does not exceeds 5 Lakh rupees in the previous year. Income tax department also adds that this exemption will also work if the person earns interest from bank saving account less than 10000 Rupees. This exemption is only available if the person has only two income one from salary and second from saving account or only income from salary but not any income from other sources. This exemption is very useful for the salaried person as income tax return filing is very headache and costly thing. Income tax department issued some conditions which are necessary for availing the exemption of no need to file income tax return for salaried person which are as under.
1- Employee has earned only salary income and income from savings bank account and the annual interest earned from savings bank account is less than Rs. 10 thousand.
2- The total Income of the employee does not exceed Rs. 5 Lakh (Total Income means Gross Total Income Less deductions under Chapter VIA).
3- The Employee has reported his PAN to the employer.
4- Employee has reported his income from interest on savings bank account to employer.
5- Employee has received Form 16 from his employer.
6- Total Tax Liability of employee has been paid off by employer by way of TDS and employer has deposited TDS with central government.
7- Employee has no refund claim.
8- Employee has received salary only from one employer.
9- Employee has not received any Notice from Income Tax Department for filing of Income Tax return.
Tags-income tax exemption for salaried person,income tax return filing exemption,income tax return exemption upto 5 lakh for salaried employees,income tax return exemption ,income tax return exemption limit,income tax return exemption notification,income tax return filing exemption,income tax return filing exemption condition,conditions for no income tax return,conditions for exemption of income tax return filing,conditions for income tax return exemption