no need to file tax return for income up to rs 5 lakh - times of india

8/3/2019 No Need to File Tax Return for Income Up to Rs 5 Lakh - Times of India

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No income tax return s is required forsalari ed persons whose annual taxableincome inclu ding salary and interest is upto Rs 5 la kh.

Taxable Income

No need to file tax return for incomeup to Rs 5 lakh

Agencies Jun 7, 2011, 08.17am IST

NEW DELHI: A s many as 85 lakh salaried tax pay ers whose taxableincome, including salary and interest incom e, is up to Rs 5 lakh, will not be required to file income -tax retur n from now.

"No income tax returns is required for salaried persons whoseannual annual taxable incom e including salary and interest is upto Rs 5 lakh. We would shortly notify this," a Central Board of Direct Taxes official said.

Howev er, he said this would not cov er income from other sourceslike house property , capital gains and gains from pro fession and business.

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The scheme would be applicable from assessment year 20 11 -12 o nwards. This means that salariedpersons eligible under the scheme would not hav e to file returns for the financial year 201 0-11 in2011 -12 (assessment y ear).

Under the scheme, those salaried persons who want to claim tax re fund, would have to income tax file

return.

As per the Memorandum to the Finance Bill 2011 , the gov ernment will be issuing a notificationex empting 'classes of per sons' from the r equirement o f furnishing income tax returns.

Under the scheme, the salaried perso n wants exemption from filing IT return, has to disclose abo utthe incomes like dividend and interest to his employer for tax de duction. In the scenario, the Form 1 6issued to salaried employees will be treated as income tax return. At pr esent, it is obligatory for all

salaried persons to file income tax return under the Income Tax A ct, 1961 .

The idea behind the mov e is that in cases where there are no other sour ces of income, filing of a returnis a duplication of existing information.

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Readers' opinions ( 171 )

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10 Jun, 2011 03:38 AMumakapil (California,usa)

This is good to see that Govt has taken a decis ion in regard to non-filing of Income Tax Returns upto the limit of Rs 5 lacs .This move will enable the Income Tax Dept to save time and pay attention to those Bigger Cas es toextract Income Tax. .In past, this could not done owing to paucity of time.Now,the Dept will have enough time todevote and streamline the deposits o f the Income Tax from the those Big Houses /Big Clients which are makingbig news now-a-days conerning their due depos its.Therefore,this Stand is appreciated. U K KAPILCalifornia,USA

10 Jun, 2011 12:51 PM YASHWANT (delhi) replies to umakapil

i m workdin in rivate limited com an in INDIA bellow 5 lac i m ettin er annum. so i have to


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, .pay income tax or not ? kindly advise me. thanks yashwant. delhi, INDIA.

11 Jun, 2011 07:47 PMavinashchadha (Patiala) replies to YASHWANT

I want to know that earner below 5 lacs will pay tax or not

10 Jun, 2011 03:40 PMSwet Shalini (Noida, India) replies to YASHWANT

No

10 Jun, 2011 03:26 PManonymous (chennai) replies to YASHWANT

yu hv to pay tax... the new provision s ays yu need not file the incom e tax return.... ithas nothing to do with ur tax payment

10 Jun, 2011 03:26 AMuma kapil (California,USA)

June 09,2011,California This is good to see that Govt has taken a decis ion in regard to non-filing of Income TaxReturns up to the limit of Rs 5 lacs .This move will enable the Income Tax Dept to save time and pay attention tothose Bigger Cas es to extract Income Tax. In pas t, this could no t done owing to paucity of time.Now,the Dept willhave enough time to devote and s treamline the depos its of the Income Tax from the those Big Hous es/BigClients which are m aking big news now-a-days conerning their due depos its.Therefore,this Stand isappreciated. U K KAPIL California,USA

09 Jun, 2011 05:30 PMDias Singh (London)

I think the title 'No need to file tax return for income up to Rs 5 lakh' should be changed to 'No need to file taxreturn' as that is what the vast majority of the people of India, do in any case .

09 Jun, 2011 11:24 AM

Vinay Misra (New Delhi, India)

When there is TDS deduction how they will retrun back the money . I suggest Govt should think of making a rulethat if there is decleration then there ought not deduction at source .

09 Jun, 2011 10:17 AMBhargav (Vadodara)

for out better financial track record we should file it on line ...and taking loan or to enter any other govt/non govt

schem e we need to product three years returns even for going abroad also it requires three years IT returnscopies... so i ts better to file it through E-Filling... ...and when you are paying tax ..why not to file.. to save paper..wecan file i t online... go india go... JAGO BHARAT JAGO


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no need to file tax return for income up to rs 5 lakh - times of india

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