Tax payers with annual income of up to 5 lakh rupees need not to file IT returns


Apr 19, 9:5 AM

Tax payers with annual income of up to 5 lakh rupees will not be required to file returns. Chairman of Central Board of Direct Taxes Sudhir Chandra told reporters in New Delhi that the Government will notify a provision in early June exempting people with salary income of up to 5 lakh rupees from filing returns. Mr. Chandra however said such salaried people will have to file returns, if they seek refunds.

The Government has also reduced the age for the senior citizen category for I-T tax from 65 years to 60 years.

In a major step towards simplification of income tax return filing, the Finance Ministry has introduced simpler income tax return forms Sahaj and Sugam. This is aimed at reducing compliance burden on salaried persons and small businessmen. The new return forms are in line with the government's efforts to make filing of returns simpler and user friendly.

Under India's presumptive taxation, person carrying on business will not be required to get his accounts audited if the annual total sales, turnover or gross receipts is less than 60 lakh rupees.