For Salaried Class: Income Tax exemption limit for individual tax payers enhanced from Rs.1,60,000 to Rs.1,80,000.
Senior Citizen from 2.4 Lakhs to 2.5 Lakhs.
Qualifying age for senior citizens lowered to 60 from 65;
Senior citizen above 80 year to get Rs.5,00,000 IT exemption
Salary earners with income up to Rs 5 lakh need not file returns.
A big relief from tax filing process for the salaried class, Finance Minister today proposed to exempt them from filing tax returns unless they have other sources of income.
This order, which will come into effect from June 1, 2011.
Finance Minster said that "The Board shall soon notify a category of salaried taxpayers who will not be required to file a return of income as their tax liability has been discharged by their employer through deduction at source" and also CBDT chairman Sudhir Chandra told that "Salaried people, may be up to Rs 5 lakh...they need not file the (income tax) return."