Who neednot file tax return this year? | Who is exempt from filing tax return for this assessment 2012-13

Google+ Pinterest LinkedIn Tumblr +
Exemption to a class or classes of persons from furnishing a return of income
Under the existing provisions contained in section 139(1) of the Income-tax Act, every person, if his total income during the previous year exceeds the maximum amount which is not chargeable to income-tax, is required to furnish a return of his income.

In the case of a salaried taxpayer, entire tax liability is discharged by the employer through deduction of tax at source. Complete details of such taxpayers are also reported by the employer through Tax Deduction at Source (TDS) statements. Therefore, in cases where there is no other source of income, filing of a return is a duplication of existing information.

In order to reduce compliance burden on small taxpayers, a new sub-section (1C) is inserted in section 139. This provision empowers the Central Government to exempt, by notification in the Official Gazette, any class or classes of persons from the requirement of furnishing a return of income, having regard to such conditions as may be specified in that notification.

Consequential amendments are also made to the provisions of section 296 to provide that any notification issued under section 139(1 C) shall be laid before Parliament.

 
Share.

About Author

Knowinfonow.com is a trusted financial blog with over 23 years of expertise, dedicated to offering invaluable insights and resources to tax professionals, taxpayers, and the general public in managing their day-to-day financial activities. We embrace guest authors, enriching our platform with diverse perspectives and expertise in relevant subjects.

Leave A Reply