labels: economy - general, governance
Single-income earners to be exempted from filing returnsnews
28 October 2005

New Delhi: Finance minister P Chidambaram said that those who do not plan to file income tax returns by October 31, the last date set for the purpose, should do so since the Income Tax Department has adequate information of all nature of transactions that will help it to track tax evaders.

The salaried class however, may be spared from filing income-tax returns from next year provided there was no income from any other source.

Already the Government has been mandated to move towards paper-less filing of Tax Deduction at source from this year but this has been put off by a year as TIN has not become fully operational.

He said the IT Department has abundant data relating to 1,72,511 parties or individual entities with transaction in cash deposits of Rs10 lakhs or more in the fiscal, 3,23,563 credit card holders with expenditure of Rs2 lakhs or more a year, data pertaining to 4,96,600 parties with investment of Rs2 lakhs or more in mutual funds and transactions in immovable properties.



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Single-income earners to be exempted from filing returns