According to online news the buzz is that people who have salary up to Rs 5 lakh are not required to fill their IT returns and according to the online news there are as many as 85 lakh salaried tax payers in India. People who are salaried tax payers and whose annual incomes are up to Rs 5 lakh including interests are not required to fill income tax. According to online news in India an official of Central Board of Direct Taxes has also been quoted saying that they will be notifying the same. The persons who are in this category can not include the income from other sources such as house property, capital gains and gains from profession and business. This scheme will be implemented from the next assessment year 2011-12. This means that people who are doing jobs and getting salaries are not required to file their income tax returns in the year 2011-12 for the year 2010-11. Under this scheme people who want to claim their income tax returns will have to file income tax returns.
According to Memorandum to the Finance Bill 2011, Indian government will issue a notification exempting the class of persons from furnishing the income tax returns. And the people who want to file their income tax returns are required to disclose their income and other things like interests and dividend to his employer for deduction of income tax. According to latest news from world such employees will be issued for 16 and this form will be considered as income tax return. This scheme will be implemented from next assessment year 2011-12. But currently under the Income Tax Act, 1961 it is necessary for all the salaried persons to file income tax returns. The benefit of using this scheme is that the persons who don’t have any source of income also file income tax returns and such cases will be decreased. But after the implementation of this act in next assessment year 2011-12 the people who have salary under Rs 5 lakh or up to Rs 5 lakh will be free from income tax.
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