Tuesday, July 23, 2013

I.T. Return - Income below 5 lac : No exemption this year

Every salaried person with income above the taxable limit will have to file his/her return of income. Filing of return is mandatory this year even if total income is below Rs 5 Lac. Earlier there was a confusion whether an assessee will get the exemption of filing return if his income from salary is below 5 Lac. But CBDT cleared the air and stated that
 " The CBDT vide its earlier notifications had exempted salaried employees having total income upto Rs. 5 lakhs including income from other sources upto Rs. 10,000/- from the requirement of filing return of income for assessment year 2011-12 and 2012-13 respectively. The exemption was available only for the assessment year 2011-12 and 2012-13."
The department has also suggested taxpayers to take the advantage of electronically filing of returns.
 Click here to e-file your return 
"However, this year 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. Hence, the exemption provided during the last two years is not being extended for assessment year 2013-14. 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 and they can transmit the data in the return electronically by downloading ITRs, or by online filing and thereafter submit the verification of the return in From ITR-V acknowledgement after signature to Central Processing Centre. The processing for E-filed returns is faster. "
Taxpayers who were seating idle thinking about the exemption of filing returns will have to act fast as the due date of filing return is only 9 days away, 31st July.

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