matter of income tax

This query is : Resolved

Guest

Guest (Querist)

14 March 2011 good morning to all expert.
plz solve my this one query. i m much disturb about this.
plz tell me that in budjet the F.M says that, if a salaried class person only income from salary . than they will not fill their income tax return . than sir plz tell me what is the means of these lines.
plz i m confeused about this question

Murtaza I Bhagat

Murtaza I Bhagat (Expert)
Follow

14 March 2011 Mr.P M is going to introduce a new system which can reduce the paper work of IT dept.
what u asked in lines is right not need to filed even you have taxable income tax would be deducted from your salary dept. tan then no need to file the return. if gross income is below Rs.5 Lacs then also no need to file return.

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
Follow

14 March 2011 The finance minister in his budget speech and the explanatory note thereto proposes to introduce a new scheme through notification to be issued latter with effect from 1/06/2011 thereby certain categories of assesses / individuals will be permitted not to file returns voluntarily provided the said proposal should be passed by both houses of the parliament followed by the assent of the President Of India. So till the bill gets the approval / assent followed by notification the proposal will have no force. So watch and wait for the completion of the above said formalities.

Upgrade to CAclubindia Pro. Subscribe Now!