Tax exemption to those with income up to rs 5 lakh? no taxp

Anooj (Chartered Accountant) (2130 Points)

08 March 2012  

The previous year, just a few weeks before the tax return deadline of 31 July, the Central Board of Direct Taxes (CBDT) exempted those with an income of up to Rs 5 lakh from filing returns. But, as ET Wealth pointed out, the conditions were so restrictive that no one was eligible for the exemption.