No filing of tax returns if salary is only income

In a big relief from cumbersome tax filing process for the salaried class, Finance Minister Pranab Mukherjee on Monday proposed to exempt them from filing tax returns unless they have other sources of income.

The government will be issuing a notification exempting 'classes of persons' from the requirement of furnishing income tax returns, said the Memorandum to the Finance Bill 2011.
Salary earners having an income of less than Rs 5 lakh will not have to file tax returns from this year.

"Salaried people, may be up to Rs 5 lakh...they need not file the (income tax) return," CBDT chairman Sudhir Chandra said.
No filing of tax returns if salary is only income No filing of tax returns if salary is only income Reviewed by ManaBlog4All on 8:04 PM Rating: 5

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