Good News for Salaried People !

No Need to file Income Tax Returns for the People having annual income of Rs.5 Lakhs

Yes .  Tax payers with annual income of up to Rs 5 lakhs will not be required to file returns.  Around 80 lakh people will be benefitted by this move.

"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.

Further New simpler Income tax returns forms have been notified.

  • SAHAJ - For Salaried People
  • Sugam - applicable for small businessmen and professionals covered under presumptive taxation.

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