NO NEED TO FILE INCOME TAX RETURN TO SALARIED PERSON BELOW 5 LAKH
Finance Minister Mr. Pranab Mukarjee said that there will be no need to file income tax return to the salaried person whose income is below 5 lakh. The income should be only from salary and salry components and not income from other sources. Finance Minister said that the circular for not filing income tax return to be published very soon. This rule for not filing income tax return to the salary holder will be applicable from the assessment year 2010-11 and the financial year 2011-12.
Finance Minister was addressing 27th annual Conference of chief Commissioner of income tax in
On the issue of Direct Tax Code, Finance Minister said that the direct tax code will be implemented from the financial year 2012-13 because there is a lot of jib done to implement it such as forms,change all the income tax structure etc. and it needs time.
Finance Minister also stated that TDS is the main component of the direct tax collections because of very healthy concept of pay as you earn. He also stated that the CPC unit at Gaziabad will be start working very soon.
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Source:- taxalertindia.com
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