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Indian No Tax-Return Scheme To Be Notified In June

by Mary Swire, Tax-News.com, Hong Kong

26 April 2011


A new scheme, announced in the recent Indian budget where small-salaried tax payers earning below IRS500,000 (USD11,238) will be exempt from filing income tax returns, will be notified in June this year. Taxpayers looking to claim a tax rebate will, however, have to file a return.

This was announced by Sudhir Chandra, Chairman of the Indian Central Board of Direct Taxes (CBDT).

On filing electronic returns a new facility has been introduced where employees can check each month how much money has been deducted by their employer, and whether or not it has been deposited in the Government kitty.

This tax exemption scheme should apply to between seven and eight million people in the country.

TAGS: tax | India | interest | employees | budget

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