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The CBDT, vide its notification dated February 17, 2012 has spelt out the nuts and bolts for salaried persons not filing an income-tax return despite having taxable income for the upcoming assessment year 2012-13.
The conditions are that the total income should not exceed Rs 5 lakh, including salary and savings bank interest, if any, not exceeding Rs 10,000.
Such interest needs to be disclosed to the employer, who would deduct tax on salary as embellished by savings interest.
The rules make it clear that, just as no tax should be due, no refund should be due either.
In other words, the assessment — a job usually done by the assessing officer — has been effectively delegated to the employers more than ever before, as far as employees making the grade under this regime are concerned.
Such employees can continue to disclose the loss from house properties to their employers, as before, on par with other employees not making the grade.
This is so that income from salary and savings interest, if any, abates against the current year's loss from house property.
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