New Delhi — Salaried Class people do not have to worry about Income Tax Returns from next year. Finance Minister Mr. Chidabaram has announced that salaried class people can be spared from filing tax returns provided they do not have any other source of income.
Mr. Chidarbaram further stated “We are considering the proposal,” Finance Minister P Chidambaram told reporters, but added it depended upon how soon the tax department put in place the fully online Tax Information Network (TIN).
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 as not become fully operational.
So at the moment both hard copies and soft copies are filed and the ultimate plan is to do away with Hard TDS, he said.
The idea behind online filing of returns is to move towards paperless filing of Income Tax returns, Chidambaram said, salaried class would be spared from filing returns once the system was fully in place.
At the moment he said there could not be a commitment on a timeframe.