Millennium Post

Those earning less than `5 lakh must file I-T returns

This year salaried persons earning up to Rs 5 lakh annually will have to file income (I-T) tax returns, the Central Board of Direct Taxes (CBDT) announced on  Monday, barely eight days ahead of the deadline for submitting returns.

During the last two financial years (2011-12 and 2012-13), the CBDT had exempted salaried employees with a total income of up to Rs 5 lakh (including income from other sources of up to Rs 10,000) from the requirement of
filing income tax returns. ‘The exemption was available only for the assessment years 2011-12 and 2012-13...the exemption provided during the last two years is not being extended for assessment year 2013-14,’ the CBDT said in a statement.
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