Salary earners with income up to Rs 5 lakh need not file returns



For Salaried Class: Income Tax exemption limit for individual tax payers enhanced from Rs.1,60,000 to Rs.1,80,000.

Senior Citizen from 2.4 Lakhs to 2.5 Lakhs.

Qualifying age for senior citizens lowered to 60 from 65;

Senior citizen above 80 year to get Rs.5,00,000 IT exemption

Salary earners with income up to Rs 5 lakh need not file returns.

A big relief from tax filing process for the salaried class, Finance Minister today proposed to exempt them from filing tax returns unless they have other sources of income.

This order, which will come into effect from June 1, 2011.

Finance Minster said that "The Board shall soon notify a category of salaried taxpayers who will not be required to file a return of income as their tax liability has been discharged by their employer through deduction at source" and also CBDT chairman Sudhir Chandra told that "Salaried people, may be up to Rs 5 lakh...they need not file the (income tax) return."


Comments

Satyajeet Kumar Pathak said…
This is very nice step taken by the CBDT since we have only source of income. I may be enlightened if I earn some pretty amount under other saving schemes viz. LIC, NSC, Bond what I should do ?
March 2, 2011 at 9:46 AM
Anonymous said…
And what about income from interest from savings bank which everyone is having?
March 2, 2011 at 4:44 PM
അമല്‍ | Amal (വാവക്കാടന്‍) said…
Income from other Sources includes interest income from bank.. So I think those who are having interest income, they have to file the return of income
March 4, 2011 at 10:19 AM
Amal Dev M V said…
"income from interest from savings bank" is income from other sources. So as per minister's announcement, you have to file the return of income.
March 4, 2011 at 10:21 AM
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