Stable markets end in green led by gains in banks, FMCG stocks
Sensex closes at two-and-half year high; investors richer by Rs 40K cr

Money Jul 23, 2013

Earn less than Rs 5 lakh? There’s a special IT return counter for you

The Central Board of Direct Taxes (CBDT) has set up special income tax return counters for those earning income up to Rs 5 lakh.

From July 25 to 31 (except 27th and 28th July being holidays), special return receipt counters for salaried tax payers will operate at Pratayakshar Bhawan, Civic Centre, Minto Road, New Delhi this year. (Instead of Pragati Maidan and Mayur Bhavan as were done in the past).



The CBDT has also made E-filing of return compulsory for assessment year 2013-14 for persons earnings more than Rs 5 lakh.

The CBDT in 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 exemption was giving 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.


Related Stories.