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No I-T returns for salaried on income up to Rs 5 lakh
The government said on Friday the tax payers whose annual income comprising salary and interest is up to Rs 500,000, are not required to file income-tax return from now onwards, a move which would benefit about 85 lakh (Rs 8.5 million) assesses.
The scheme would cover those salaried persons whose interest income per annum is up to Rs 10,000, Central Board of Direct Taxes said.
"The CBDT has notified the scheme exempting salaried taxpayers with total income up to Rs 5 lakh from filing income tax return for assessment year 2011-12, which will be due on July 31, 2011," Central Board of Direct Taxes chairman Prakash Chandra told reporters in New Delhi.
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No I-T returns for salaried on income up to Rs 5 lakh
This scheme would not be applicable to individuals who have got salary from two or more than two employers in a financial year.
This happens in case a person changes the job.
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No I-T returns for salaried on income up to Rs 5 lakh
Giving more details about the scheme, Chandra said, "Such individuals must report their Permanent Account Number and the entire income from bank interest to their employer, pay the entire tax by way of deduction of tax at source, and obtain a certificate of tax deduction in Form No 16."
The scheme would not cover those tax payers who have income from sources other than salary and interest income from a savings bank account, or having refund claims.