New Delhi: Soon a category of salaried taxpayers will not be required to file their income tax return as their tax liability has been discharged by their employer through deduction at source. This proposal was announced by Finance Minister Pranab Mukherjee during his Budget speech in Parliament on Monday.
"The electronic filing of Tax Deduction at Source (TDS) statements has stabilized. The Board (Central Boards of Direct Taxes) shall soon notify a category of salaried taxpayers who will not be required to file a return of income as their tax liability has been discharged by their employer through deduction at source," Mukherjee said.
Mukherjee gave the income tax payers some thing to cheer about when he increased the the tax exemption limit by Rs 20,000 to Rs 1.80 lakh from Rs 1.60 lakh.
he also gave additional benefits to senior citizens but excluded women from additional sops.
While proposing to raise the income tax limit to Rs 1.80 lakh for general tax payers and Rs 2.5 lakh for senior citizens, Mukherjee in his Budget proposals for 2011-12 has lowered the age for senior citizens to 60 years from 65 years now.
Besides, a new category of "very senior" citizens of 80 years and above has been introduced with no tax on their income upto Rs 5 lakh.
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