INCOME TAX EXEMPTED FOR PEOPLE EARNING SALARY UP TO Rs 5 Lakh
Persons who are earning salary up to Rs 5 lakhs and interest income from savings bank account is less than Rs 10,000 , no need to file income tax return.
This exemption will only be valid if assessee has received a certificate of tax deduction in form 16 from the employer. The employees have to report income from interest on savings bank account to employer to become eligible for exemptions.
Earlier it was obligatory for all salaried persons to file income tax returns under Income Tax Act,1961.
This year instead of pragati maidan, New Delhi, return receipt counters will be set up at Civic Centre, Opposite Ramlila Ground, New Delhi.In Mumbai Tax Kiosks are set up where Tax Return Preparers will assist individuals and HUF in filing income tax return. The charges of Tax Return Preparers will be Rs 250 per return.