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Wednesday, 24 July 2013

No More Exemption from Return Filing to Salaried Persons

No more exemption from return filing to salaried persons having income upto Rs. 5,00,000/- for the A.Y. 2013-14


CBDT has vide its 
press release dated 22.07.2013 clarified that exemption from filing return of income for salaried employees having total income upto Rs. 5 lakhs including income from other sources upto Rs. 10,000/- was only for assessment year 2011-12 and 2012-13 respectively.  The exemption was given considering ‘paper filing of returns’ and their ‘processing through manual entry’ on system.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.


Taking note of the above fellow practitioners and tax payers falling under the said category may plan accordingly as due date of filing of return is only a week away.  


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