Very soon we will get announcement from CBDT that where annual taxable income of salaried person from salary and interest is up to Rs.5 Lacs, no income tax return have to be filed.

However please note that where income from salary and Interest is only creteria for exemption of filing of return, when person having income from other heads of income like Capital gains, B&P and other sources he/she has to file the income tax return.

Salaried person has to submit his income detail other than salary to his employer to include the same in Form No.16 . In such situation only Form No.16 can replace the income tax return and salaried person can get exemption from filing of return.Goverment will shortly notify by way of memorandam to finance bill 2011 by exempting above mention class of person from filing income tax return.

Goverment will shortly notify by way of memorandam to finance bill 2011 by exempting above mention class of person from filing income tax return.


 



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