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Earning up to Rs 5-L salary? No need to file returns

February, 28th 2012
Individuals with annual income up to Rs 5 lakh are now exempted from filing personal income tax return for the current financial year. This relief was proposed in the Union Budget last year. However, a circular from the Central Board of Direct Taxes (CBDT) last week indicates that this relief has been extended for this financial year. An individual can now file tax returns for this financial year by July 31, 2012. However, the exemption comes with some terms and conditions, which determine the eligibility of an individual to seek the exemption from filing returns.