No Need To File Income Tax Return Up To 5 Lacs Salary
Financial 11:35 AM
As per financial Bill 2011 CBDT i.e. Central Board of Direct Taxes has announced that Tax payers with annual income of up to Rs 5 lakhs will not be required to file returns.
"No income-tax returns is required for salaried persons whose annual annual taxable income including salary and interest is up to Rs 5 lac. We would shortly notify this," a Central Board of Direct Taxes official said.
The scheme would be applicable from assessment year 2011-12 onwards. This means that the salaried persons eligible under the scheme would not have to file returns for the financial year 2010-11 in 2011-12 (assessment year).
Under the scheme, the salaried person wants exemption from filing IT return, has to disclose about the incomes like dividend and interest to his employer for tax deduction.
In the scenario, the Form 16 issued to salaried employees will be treated as Income Tax Return. At present, it is obligatory for all salaried persons to file income tax return under the Income Tax Act, 1961.
The idea behind the move is that in cases where there are no other sources of income, filing of a return is a duplication of existing information.
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Posted by Raj
on 11:35 AM.
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