The exemption to file return for income up to 5 lakh looks good but it will be very difficult to fulfil the conditions..
There was an announcement that salaried taxpayers with an annual income of up to Rs 5 lakh need not file their returns.but it’s just a trap.
There was an announcement that salaried taxpayers with an annual income of up to Rs 5 lakh need not file their returns.but it’s just a trap.
According to the notification, a salaried person is exempt from filing his return for the financial year 2010-11 if he fulfils the following conditions:
a) I income after allowable deductions is up to Rs 5 lakh
b) I income is only from salary and savings bank interest
c) Salary is from one employer
d) Savings bank interest is below 10,000.
e) Tax on bank interest is paid and included in Form 16
The announcement comes at a time when Form 16 have already been prepared and issued to taxpayers. Will it be possible to make the necessary changes in the Form 16 at this late stag
You must file your return. Only taxpayers who file their return by the due date can file a revised return.
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