Good news for Tax payers across the country whose income is less than Rs.5 lakhs. With effective from this year itself (assessment year 2011-12), tax payers with annual income is less than Rs.5 lakhs need not file income tax returns. That’s one huge burden off the shoulders of approximately 80 lakh employees and professionals in India.
But, in case you think you paid excess income tax and want a refund, you will have to submit a return, either online (recommended) or offline to your assessing officer.
A notification confirming the same will be released in the first week of June 2011, said Sudhir Chandra, Chairman of CBDT.
Meanwhile, the board has said that the pending refunds for the previous financial year (2010-11) will be completed this month (April) itself. Those who filed their return online should have already received their refunds from the refund banker.
A total of Rs.78000 crores has to be disbursed to nearly 85 lakh tax payers as refunds in the previous financial year.
