03 March 2011
Salary earners having an income of less than5 lakh will not have to file tax returns from this year. “Salaried people, may be up to 5 lakh…they need not file the (income tax) return. The exemption from filing tax returns come into effect from the assessment year 2011-12. The decision, which will come into effect from June 1, 2011, will reduce the compliance burden on small taxpayers.
In case such a salary earner has income from other sources like dividend, interest etc. and does not want to file returns, he will have to disclose such income to his employer for tax deduction.
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