Tuesday, February 14, 2012

Exemption from Income Tax Return with salaried income below 5 Lakh Rupees

Salaried taxpayers who do not have other sources of income and whose income are below5 lakh rupees per annum, are being exempted from filing income tax return. 

The Finance Minister Mr. Pranab Mukherjee said on Tuesday (i.e. 24th May,2011) that this will apply in 2011-12 assessment year for the income earned in 2010-11. He said that a notice to this effect is being brought out soon. The Finance Minister was addressing the 27th Annual Conference of Chief Commissioners and Directors General of Income Tax in New Delhi.

Asking the Central Board of Direct Taxes to be vigilant in suspected money laundering cases, Mr. Mukherjee cautioned that terror activities and other crimes are being funded by anti-national elements through illegal transfers. Mr. Mukherjee disclosed that to check these transfers, government has approved setting up of Directorate of Criminal Investigation in Income Tax Department itself. The Directorate will track the criminal activities before, during and after the crime is committed.

Expressing his keenness on fiscal consolidation, Mr. Mukherjee stressed that fiscal deficit has to be reduced drastically to achieve the goal.

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