Finance Minister Mr. Pranab-Mukherjee, recently addressing to Press conference of Chief Commissioner of Income Tax in New Delhi announced that salaried class will get big relief from filing return of income from Assessment Year 2011-12 (FY 2010-11) who have total income below Rs 5 Lakh. He said a notification in this regard shall be issued shortly.
The Union Finance Minister Shri Pranab Mukherjee said that towards better taxpayer services, this year the IT department has introduced simple and user friendly SAHAJ (Form) for individual salary tax-payers. He said that he has also introduced SUGAM for small tax-payers availing presumptive tax scheme. Moreover, salaried tax-payers with income up to Rs.5 lakh will be exempted from filing returns for which suitable Notification is expected very soon. This will apply from the current assessment year (2011-12) for the income earned in 2010-11 and would be beneficial to a large section of salaried tax-payers, Shri Mukherjee said.
Shri Mukherjee said that Direct Tax Code Bill is under examination of Parliament Standing Committee and will be effective from April 1, 2012. Therefore, Department should prepare for transition from the Income Tax Act 1961 to the Direct Tax Code Bill regime, he said. The Finance Minister said that it would include various issues like redrawing of business processes, rules, forms, training needs of manpower and the necessary infrastructure. This task should be completed in a mission mode to avoid any inconvenience to tax-payers and also to maintain continuity in revenue buoyancy, said the Minister.
He also stated that government has decided to set up Directorate of Criminal Investigation within CBDT to deal with tax crimes related to illegal activities.
He told the gatherings that CBDT should be prepared for transition from Income Tax Act to Direct Tax Code from 01/04/2012 as it needs lost of working on Rules, Forms and other work.
The Union Finance Minister Shri Pranab Mukherjee said that towards better taxpayer services, this year the IT department has introduced simple and user friendly SAHAJ (Form) for individual salary tax-payers. He said that he has also introduced SUGAM for small tax-payers availing presumptive tax scheme. Moreover, salaried tax-payers with income up to Rs.5 lakh will be exempted from filing returns for which suitable Notification is expected very soon. This will apply from the current assessment year (2011-12) for the income earned in 2010-11 and would be beneficial to a large section of salaried tax-payers, Shri Mukherjee said.
Shri Mukherjee said that Direct Tax Code Bill is under examination of Parliament Standing Committee and will be effective from April 1, 2012. Therefore, Department should prepare for transition from the Income Tax Act 1961 to the Direct Tax Code Bill regime, he said. The Finance Minister said that it would include various issues like redrawing of business processes, rules, forms, training needs of manpower and the necessary infrastructure. This task should be completed in a mission mode to avoid any inconvenience to tax-payers and also to maintain continuity in revenue buoyancy, said the Minister.
He also stated that government has decided to set up Directorate of Criminal Investigation within CBDT to deal with tax crimes related to illegal activities.
He told the gatherings that CBDT should be prepared for transition from Income Tax Act to Direct Tax Code from 01/04/2012 as it needs lost of working on Rules, Forms and other work.
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