Salary Earners With Income Up To Rs 5 Lakh Need Not To Pay Tax Return

Discussion in 'Economy & Infrastructure' started by nrj, Jun 7, 2011.

  1. nrj

    nrj Stars and Ambassadors Stars and Ambassadors

    Nov 16, 2009
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    Around 85 lakh salaried persons with an income below Rs 5 lakh need not to file tax returns from this year

    A Central Board of Direct Taxes spokesperson stated, "No income-tax returns is required for salaried persons whose annual annual taxable income including salary and interest is up to Rs 5 lakh. We would shortly notify this."

    But, the spokesperson stated that this would not cover up proceeds from other sources comprising capital gains, house property and profits from profession and biz.

    The exemption from lodging income tax returns would be valid from 2011-12.

    This entails that the salaried people entitled under the plan would not need to pay tax returns for the fiscal 2010-11 in 2011-12 (assessment year).

    Under the plan, those salaried persons who wish to claim tax reimbursement, would have to income tax file return.

    As per the Memorandum to the Finance Bill 2011, the administration will be forwarding a notice relieving 'classes of individuals' from the condition of furnishing tax returns.

    Under the plan, the salaried person wishes freedom from lodging IT return, has to reveal about the incomes such as dividend and interest to his employer for tax deduction.

    In the scenario, the Form 16 forwarded to salaried people will be addressed as Income Tax Return. Presently, it is compulsory for all salaried people to lodge income tax return under the Income Tax Act, 1961.


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