No tax filing for income below Rs 5 lakh<br><br>In a recent notification, salaried individuals with income less than Rs 5 lakh were exempted from filing income tax returns. However, there are certain conditions that such individuals need karen millen dresses to fulfill to avail moncler outlet milano this exemption, Subhash Lakhotia, Tax and Investment Consultant clarifies in an interview with CNBC TV18.<br><br>Lakhotia explained that if the employee has earned salary income as well as income from savings bank sac longchamp Mohan said. account, and the total interest of such savings bank account interest income does not exceed Rs 10,000, the employee michael kors outlet uk need not file returns. Furthermore, the gross total income of the employees less deductions should not cross Rs 5 lakh. Third condition is that the employee has reported his Permanent Account Number to the employer. Many canada goose milano such conditions have to be fulfilled only then there arises no filing of IT returns.<br><br>What is also very important is that the employee has reported his income from air jordan homme interest on the savings ray ban bank account to the employer and the employer has deducted tax on this amount. Next condition is the employee has received Form 16 from the employer.<br><br>Now the most important point is total income tax liability of the employee on the salary income as well as on the savings bank account interest has been paid out by the employer by way of TDS then karen millen discount only the income tax return need not be filed. Finally, the outlet hogan online if you'r employee has no refund claim and is employed only with one employer during the year. These are some of woolrich outlet milano the very important pointers to be kept in mind. If one fulfills all these conditions then there is no need to file income tax return, otherwise income tax return needs to be filed.<br><br>Here is the edited transcript of the interview on CNBC TV18.<br><br>Q: Anyone whose annual income is sub Rs 5 lakh does not need to file for income tax returns, but is that something which you advise? For the longest time we were told that even if your income is nothing much to write home about you must file your returns, even if you are not paying tax. But the recent budget piumini moncler said that coach factory outlet online for income up to Rs 5 lakh, you don't have to file returns. Is it a good thing to file returns anyway or better not to file them?<br><br>A: The point is most of the viewers would like to see and get the answer that it's moncler outlet online better we don't file the hogan outlet scarpe the Reas returns. But let me take the viewers to the very important press release by the Government of India that came up towards the end of July. The government clearly said that salaried employees need not file their income tax returns in respect of the financial year 2011 12 relevant to the assessment year 2012 13, which is happy news, but please wait. Further, the circular and the guidelines said that only if the salaried employee has earned only salary income as well as income from savings bank account and total interest of such savings bank account interest income does not exceed Rs mbt outlet milano 10,000, the employee need not file returns.<br><br>The second important condition is that the total income of the employee does not exceed Rs 5 lakh. This means karen millen sale the gross total income of the employees less deductions should not cross Rs 5 lakh, only then one need not file the income tax return. Third condition is that the spaccio moncler employee has reported his Permanent Account Number to the employer. Many other conditions have to be fulfilled only then there arises no filing of IT returns.<br><br>What is also very important is that the employee has reported his income from interest on the savings bank account to the employer and the employer has deducted tax on this amount. Next condition is the employee has received Form 16 from the employer. Now the most important tn pas cher point is total income tax liability of the employee on the salary income as well as on the savings bank account interest has been paid out by the employer scarpe mbt outlet by way of moncler TDS then parajumpers paris only the income tax return need not be filed. Finally, the employee has no refund claim and hogan outlet is tn 2016 employed only with one employer during the year. These are some of the very important pointers to be kept in mind. If one fulfills all these conditions then there is no need to file income tax return, otherwise income tax return needs to be filed.
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