No filing of tax returns if salary is only income
PRESS TRUST OF INDIA
New Delhi, Feb 28: 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.
The decision, which will come into effect from June 1, 2011, will reduce the compliance burden on small taxpayers, it added.
Salaried taxpayers who do not have other sources of income and whose incomes are subject to Tax Deduction at Source ( TDS )) will be excluded from filing returns.
"Therefore, in cases where there is no other source of income, filing of a return is duplication of existing information," the Memorandum said.
Every person whose income exceeds the taxable limit is required to file return of income.
Male tax payers to save Rs 2,060/year; elderly biggest gainers
Finance Minister Pranab Mukherjee has given a saving of Rs 2,060 per annum to male income tax payers by raising the exemption limit from Rs 1.60 lakh to Rs 1.80 lakh.
For women, Mukherjee has not given any benefit by retaining the exemption limit at Rs 1.90 lakh per annum.
However, senior citizens will be the gainers. First the eligibility criteria has been reduced from 65 years to 60 years of age and second, there is a major benefit for those above 80 years earning Rs 5 lakh per annum and above.
For 'Very Senior Citizens' (above 80 years of age) earning Rs 5 lakh and above the tax savings would be Rs 26,780 per annum.
However, those earning up to Rs 3 lakh in the above said category, would save Rs 6,018 in a year.
Lastupdate on : Mon, 28 Feb 2011 21:30:00 Makkah time
Lastupdate on : Mon, 28 Feb 2011 18:30:00 GMT
Lastupdate on : Tue, 1 Mar 2011 00:00:00 IST
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