Saturday, July 21, 2012

No Need to Fill Income Tax Return if Your Salary is not more than Rs 5 Lakh

Update : This article was post on 2012 but now Income Tax Return is medatory

If you are a salaried and you income not exceeding Rs 5 Lakh then from today you need not fill up any income tax return.Finance Ministry yesterday said that the person need not fill up tax return if his/her salary is not exceeding Rs 5 lakh on the same financial year and also his interest earned from his savings account is not exceeding Rs 10,000 annually .IT Return

As we know that previously filling up of income tax return was mandatory for all salaried person under Income Tax Act 1961.

Last date of filling up of IT return is July 31.Now a days in India about 85 lakh people who's salary are not more than 5 lakh.

You can fill up the IT return if you have got the form 16 ,the certificate of income tax deduction.

A step has been taken from IT department to setup special counters in Delhi for filling up of IT return by giving a short amount of Rs 250 each.

IT Return Form

For filling up IT Return online you may visit to here.First of all you have to register here and the you have to download the tax return form for  Individuals, HUF and for For firms, AOPs and BOIs from IT Return Website.

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