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Waiver from filing returns to benefit 85 Lakh tax payers
Monday, 09 May 2011, 15:07 IST
New Delhi: As many as 85 lakh tax payers will benefit from the government's decision to exempt persons earning less than Rs 5 lakh a year from filing I-T returns, a finance ministry official said.
"The decision, which will come into effect from June 1, 2011, will reduce the compliance burden about 85 lakh small taxpayers," he said.
As per the Memorandum to the Finance Bill 2011, the government will be issuing a notification exempting 'classes of persons' from the requirement of furnishing income tax returns.
Tax payers with income of less than Rs 5 lakh will not have to file tax returns for the assessment year 2011-12 and a notification in this regard is likely next month, the official said.
Source: PTI
Source: PTI