The proposal announced by the Union Budget which will eventually fall in place step by step claims that small salaried taxpayers will be exempted from filing returns. This is likely to be extended to a large majority, both in government and private jobs.
Sources say the scheme is likely to first cover those with taxable income of up to Rs 500,000 in a financial year.
The scheme was proposed two years ago but could not be operationalised as many companies were not filing information on TDS online.
The scheme, likely to be introduced from June 1, will benefit over five million taxpayers.
Officials said initially, only bank interest income would be covered, but capital gains and income from property could be included later.
They said the government would have the option of asking a person to file his return if the information given in his tax deducted at source certificate did not match the details in his annual information report (which has information about a taxpayer's high-value transactions).
Officials say over 90 % companies now use the online platform.
In case of salaried taxpayers, the employer deducts tax from employees and pays to the Income Tax department. The process will also ease the burden on the revenue department.
Source: http://www.rediff.com/business/
Join us : http://www.facebook.com//KarvyPrivateWealth
Sources say the scheme is likely to first cover those with taxable income of up to Rs 500,000 in a financial year.
The scheme was proposed two years ago but could not be operationalised as many companies were not filing information on TDS online.
The scheme, likely to be introduced from June 1, will benefit over five million taxpayers.
Officials said initially, only bank interest income would be covered, but capital gains and income from property could be included later.
They said the government would have the option of asking a person to file his return if the information given in his tax deducted at source certificate did not match the details in his annual information report (which has information about a taxpayer's high-value transactions).
Officials say over 90 % companies now use the online platform.
In case of salaried taxpayers, the employer deducts tax from employees and pays to the Income Tax department. The process will also ease the burden on the revenue department.
Source: http://www.rediff.com/business/
Join us : http://www.facebook.com//KarvyPrivateWealth
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