Millions of salaried taxpayers will continue to enjoy a procedural relief of not having to file their income-tax returns even for the current financial year (2011-12). The Central Board of Direct Taxes (CBDT) has specified that individuals with total income of up to Rs 5 lakh in a financial year and comprising only incomes under the head ‘salaries' and ‘income from other sources' would be exempt from filing their income-tax returns for assessment year 2012-13 (financial year 2011-12). ‘Income from other sources' should only be by way of interest from a savings account in a bank, not exceeding Rs 10,000, according to CBDT.
Source: The Hindu Business Line
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