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Tax Returns to be Filed by Salary earners upto Rs 5 lakh

CBDT clarified that the exemption from filing of income tax returns given to salaried person earning upto Rs.5 lakhs was only for assessment year 2011-12 and 2012-13. This exemption was given due to complexity of e filing facing by taxpayers as well as by tax officers in processing through manual entry on system.

But now e filing of tax return has been made ‘very user-friendly’ with the advantage of pre-filled return forms thus there is no requirement of extending the exemption. So salary earners upto Rs.5 lakhs also have to file tax return.

CBDT has already made e filing of tax return mandatory for assessment year 2013-14 for persons having total assessable income exceeding Rs 5 lakh, but persons earning upto 5 lakhs have option to either go for e filing or paper return. In case e filing is done, ITR-V (Acknowledgement form) has to be signed, printed out and sent to the CPC Bangalore within 120 days of filing of e return.

Department is also going to setup a special receipt counter from July 25 to 31 at Pratayakshar Bhawan, New Delhi, for tax payers filing their tax return in paper mode. These are only for taxpayers having income upto Rs.5 lakhs and filing paper return.

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