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New Guidelines on Filing Income Tax Returns: CBDT

As the last date of filing income tax returns is coming closer, it is the time you start the process ahead of the deadline. The Central Board of Direct Taxes (CBDT) has come up with new guidelines on procedural aspects of filing Income tax Returns (ITRs). The circular mentions some changes on filing returns based on tax payer’s annual income.

For income earners up to Rs.5 lakh per annum
Individuals earning income up to Rs.5 lakh per annum are exempted from filing tax returns. However, they should pay for certain conditions like interest on saving accounts exceeding Rs.10,000. Such interest income should be reported to the employer and the employer should have deducted appropriate amount for paying tax. In that way, there will be no additional tax payable by the individual.

For income earners of Rs.5-10 lakh per annum
There are no changes in guidelines for the tax payers in this tax bracket. They can file their tax returns in tax office or by E-filing.

For income earners over Rs.10 lakh per annum
Individuals having annual income over Rs.10 lakhs have to compulsorily file their returns online. Even resident individuals who have assets abroad are compulsorily required to file their returns through online.

The Income Tax Department runs a tax portal www.incometaxindiaefiling.gov.in – It has an option to file tax returns online. This portal does not charge for file returns. Other private players charge between Rs.180 to Rs.1500 for filing returns online.