No IT returns for salaried people with below Rs. 5 lakh
Posted on: 01/Mar/2011 1:35:11 AM
Salaried people, may be up to Rs 5 lakh...they need not file the (income tax) return. The exemption from filing tax returns come into effect from the assessment year 2011-12.
In case such a salary earner has income from other sources like dividend, interest etc. and does not want to file returns, he will have to disclose such income to his employer for tax deduction, CBDT chairman Sudhir Chandra told reporters at the customary post-Budget press conference.
The Form 16 issued to salaried employees will be treated as Income Tax Return, he added.
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