Its Official – If you are salaried and earn less than Rs. 5 Lakh a year – There is no need for you to file income tax returns for assessment year ending 2012. What his means that salaried persons will not have to file returns for earnings in current financial year (2010-2011). Indian Government has been trying to simplify Indian taxation processes for past couple of years now, and this announcement is a big step towards that. Last year, during the budget announcement, Direct Tax Code bill was introduced which promised to make life simple for consumers as well as Businesses for filing tax returns. No income tax return filing upto Rs. 5 Lakh earnings!
Friday, 24 June 2011
No income tax return filing upto Rs. 5 Lakh earnings! - Trak
Its Official – If you are salaried and earn less than Rs. 5 Lakh a year – There is no need for you to file income tax returns for assessment year ending 2012. What his means that salaried persons will not have to file returns for earnings in current financial year (2010-2011). Indian Government has been trying to simplify Indian taxation processes for past couple of years now, and this announcement is a big step towards that. Last year, during the budget announcement, Direct Tax Code bill was introduced which promised to make life simple for consumers as well as Businesses for filing tax returns. No income tax return filing upto Rs. 5 Lakh earnings!