New Delhi, April 18: Tax payers with annual income of up to Rs 5 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 to Rs 5 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 to Rs 5 lakh) will have to file return if they seek refund, he added.
The revenue department, meanwhile, has notified simpler income tax return forms ‘Sahaj’ and ‘Sugam’ aimed at reducing compliance burden on salaried persons and small businessmen.
-Agencies