- In an exclusive interview to NDTV Profit’s Vijay Iyer, D.K. Mehrotra, chairman, Life Insurance Corporation of India (LIC) talks about LIC's targets for investments in the equity market this coming year and what sectors are looking attractive to the insura
However, not everyone has to go through this lengthy, confusing procedure.
The Central Board of Direct Taxes (CBDT) has exempted salaried employees from the requirement of filing the returns for assessment year 2012-13. The exemption is applicable only if all the following conditions are fulfilled:
1. The 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 10,000.
2. The total Income of the employee does not exceed Rs 500,000 (total income means gross total income minus deductions under Chapter VIA).
3. The employee has reported his PAN to the employer.
4. The employee has reported his income from interest on savings bank account to employer.
5. The employee has received Form 16 from his employer.
6. Total tax liability of the employee has been paid off by the employer by way of TDS and the employer has deposited the TDS with Central government.
7. The employee has no refund claim.
8. The employee has received salary only from one employer.
9. The employee has not received any notice from the Income Tax Department for filing of income tax return.