I-T returns must for those earning below Rs 5 lakh

Filing income tax returns has now become mandatory for salaried individuals earning up to R5 lakh per annum, the Central Board of Direct Taxes (CBDT) said on Tuesday.

The deadline for filing returns is July 31.

In the last two assessment years, CBDT had exempted salaried employees earning salaries of up to R5 lakh per annum and interest income on savings account of up to R10,000 from filing tax returns.

This is the second announcement after CBDT made electronic filing of returns compulsory for persons having income more than R5 lakh in May.

In effect, all salaried individuals will have to file I-T returns from now on. Taxpayers who have assessable income up to R5 lakh can either file paper returns, or e-file their returns. For people having income of more than R5 lakh per annum, e-filing is the only option.

Between July 25 and July 31, the income tax department will set up special counters in Delhi for salaried tax payers at Pratyakshkar Bhawan, Civic Centre, Minto Road.

Other facilities like helpdesk, tax returns preparers (TRPs), UTI/NSDL counters, bank, tax payment facility, PAN facilitation counter, would also available. There has been no decision on setting up such counters in other cities.

“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,” it said.