matter of income tax return

This query is : Resolved

Guest

Guest (Querist)

11 May 2011 good AFTERNOON to all expert.
please tell me about new rule of income tax. which is that

if a men income less than 5 lakh. than he will not fill their income tax return..but sir how can it possible.. because according to slab rate if a men income 1.80 lakh than he will fill return. than sir in that case if he will not fill their income tax return. than sir how he will get refund of tds which is deduct from his amount.

CMA. Subhash Kumar Jha

CMA. Subhash Kumar Jha (Expert)
Follow

11 May 2011 Business Today : 19/4/11.

Tax payers with annual income of up to5 lakhs will not be required to file returns , a move that will provide relief to about 70 to 80 lakh people.

"Assessees with income up to5 lakh will be exempted from filing returns. The provision (regarding not filing of returns) will be notified in the first week of June...", CBDT chairman Sudhir Chandra told reporters.

He said the new rule will apply from the current assessment year (2011-12) for the income earned in 2010-11.

However, people in this category (income up to5 lakh) will have to file return if they seek refund, he added.

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now