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Salaried Tax payers may be exempted from filing Income Tax Returns

E-filing of income tax returns was formally launched on October 13, 2006 and is mandatory for companies, firms etc. but optional for individuals.

Mr. Sudhir Chandra, Chairman, Central Board of Direct Taxes  said the CBDT will, by June, notify guidelines for small salaried tax-payers having annual income of Rs 5 lakh who will not be required to file income tax returns if they do not have refund claims.

Such tax-payers will not be required to file return even if they have small interest income. Any step to help tax-payers would help in enhancing compliance levels.

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