‘No IT returns' scheme to be notified in June

The scheme to exempt salaried people earning up to Rs. 5 lakh annually from filing income tax returns will be notified in the first week of June. The scheme was announced in the Union Budget 2011-12.

A category of small-salaried taxpayers whose net salaried income is not above Rs. 5 lakh and whose tax is deducted at source by the employer will be exempted from filing returns, Central Board of Direct Taxes Chairman Sudhir Chandra told journalists here on Saturday.

“But if the taxpayer is claiming a refund from the I-T department, then he will have to file the returns.”

The scheme would provide relief to 80 lakh people from filing returns. “We are also trying to exempt small bank interest income under this scheme.”