Senior Citizen and Small Tax Payers Exempted from Scrutiny

by khalid on 17/03/2011 · 0 comments

The Central Board of Direct Taxes (CBDT) informed the media that there will not be any scrutiny of income tax returns for senior citizen those who have completed the age of 60 years and for small tax payers those who have a gross taxable income of less than 10 lakh per year, unless otherwise there is no any reliable information against them. This is applicable for individuals and Hindu Undivided Family (HUF).

This decision will come into force from the FY11–12 onwards. The press release says that those who are filing income tax return in ITR-1 and ITR-2 may be exempted from scrutiny. Really the security makes much difficulty for the tax payers. The Union Budget 2011 decreased the age limit of senior citizen from 65 to 60 years and also allowed nil tax limit is up to Rs. 250000 from Rs. 240000 and also exempted to file return for salaried employees who have the total income is less than Rs. 500000 (only if the whole income is come under TDS procedure)

Its a good move for both tax payers and IT employees as well.

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