No Income Tax filing of returns’ scheme for salaried class employees

‘No Filing of returns’ scheme for salaried class earning less than Rs. 5 Lakh to be notified by June, 2011

The PTI Press Release intimates that the New Policy reg. ‘No Filing of returns’ scheme for salaried class earning less than Rs. 5 Lakh will be notified by June, 2011

‘No return’ scheme for salaried class earning less than Rs. 5 Lakh to be notified by June The Chairman of Central Board of Direct Taxes ( CBDT), Sudhir Chandra, today said the scheme to exempt salaried people earning up to Rs 5 lakh annually from filing income tax returns will be notified in the first week of June. The scheme was announced in the Union Budget 2011‐12 by Finance Minister Pranab Mukherjee.

“A category of small‐salaried tax payers whose net salaried income is not above Rs 5 lakh and whose tax is deducted at source by the employer who files return, will be exempted from filing returns,” Chandra told reporters here.

“The scheme for this category will be notified in the first week of June,” he said. “But if the taxpayer is claiming a refund from the I‐T department, then he will have to file the return.”

The scheme will provide relief to about 70 to 80 lakh people from filing I‐T returns.

“We are also trying to exempt small bank‐interest income, the tax on which has been deducted at source, under this scheme,” he said.

“A new facility has been introduced on filing of electronic returns. At the click of the mouse, a portal will open…on which you can view every month how much money your employer has deducted, and whether it has been deposited in the government kitty,” Chandra said.

Source : PTI


P S MANI said…
There should be a uniform retirement age for all central government employees 60 to 62 or 62 to 64. There should not be any kind of discrimination. The recruitment of government jobs are seems to be very very less and no youth will be affected and they are going for private jobs only.

Hari said…
With the increase in life expectancy of an average Indian the present retirement age is quite less. A person requires more income with the advancement of age due to health, family commitments etc. and leaving a Govt servant with 50% income it becomes very difficult for a Govt servant to survive. Moreover as a service provider Govt employees are a fraction and increasing the retirement age will not have much effect on unemployment problem. There is another angle to it the Judges can serve up to the age of 65 years, scientists and teachers up to the age of 62 then why not Govt employees. Moreover, the Govt can postpone the liability of payment of retiral benefits by 2 years if the retirement age is extended by 2 years.
Posted by Hari

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