Rs 5 lakh earners have to file returns
press trust of india
New Delhi, 22 July
Unlike in the past two years, salaried people earning up to Rs 5 lakh annually will have to file income tax returns, the CBDT said today.
The Central Board of Direct Taxes (CBDT) had exempted salaried employees having total income of upto Rs 5 lakh, including income from other sources upto Rs 10,000 from the requirement of filing income tax return for assessment year 2011-12 and 2012-13, respectively.
“The exemption was available only for the assessment years 2011-12 and 2012-13… the exemption provided during the last two years is not being extended for assessment year 2013-14,” the CBDT said in a statement.
Earlier in May, the CBDT had made e-filing of income tax return compulsory for assessment year 2013-14 for people having total assessable income exceeding Rs 5 lakh. The CBDT said the exemption was given considering the cumbersome nature of the process of paper filing of returns and their processing through manual entry. It said the exemption has not been extended as the facility for online filing of returns has been made “user-friendly with the advantage of pre-filled return forms”.
These e-filed forms also get electronically processed at the central processing centre in a speedy manner, it said.
“Taxpayers are encouraged to file their returns electronically. E-filing is an easy, fast and secure method of filing of income tax return. Moreover, digital signature is not mandatory for these taxpayers…,” the