Wednesday, March 7, 2012
Exemption from filing IT return for the year A.Year 2012-13
Income Tax Department has issued Notification No: 9/2012 F. No.225/283/2011-ITA(II) dated 17-2-2012, for exempting filing of Income tax Return for the financial Year 2011-12 (Assessment Year 2012-13).
The text of the said notification is as follows.
Section 139 of the Income-tax Act, 1961 – Return of Income – Exemption to specified persons from requirement of furnishing a return of income under section 139(1) for assessment year 2012-13
S.O……….. (E). – In exercise of the powers conferred by sub-section (IC) of section 139 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby exempts the following class of persons, subject to the conditions specified hereinafter, from the requirement of furnishing a return of income under sub-section (1) of section 139 for the assessment year 2012-13, namely:-
1. Class of persons. -An individual whose total income for the relevant assessment year does not exceed five lakh rupees and consists of only income chargeable to income-tax under the following head,-
(B) "Income from other sources", by way of interest from a saving account in a bank, not exceeding ten thousand rupees.
2. Conditions,- The individual referred to in para 1,-
(i) has reported to his employer his Permanent Account Number (PAN);(ii) has reported to his