The government has exempt salaried people earning up to Rs 500,000 annually from filing income tax returns. A move that will bring relief to about 80 lakh people was announced by the Finance Minister Pranab Mukherjee when he presented the Budget in February. On Tuesday, Pranab Mukherjee said this will be applicable in the 2011-12 assessment year for the income earned in 2010-11. He said that a notice to this effect will be brought out soon.
This move 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.
The Form 16 issued to salaried employees will be treated as Income Tax Return, he added.
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