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Tuesday, March 15, 2011

Taxman to spare those earning < Rs. 10L

New Delhi: The Income Tax Department today said that tax returns filed by senior citizens above 60 years and small taxpayers with gross total income of less than Rs. 10 lakh will not be scrutinised in a routine manner.

"It has been decided that during the financial year 2011-12, cases of senior citizens and small taxpayers, filing income-tax returns in ITR-1 and ITR-2 will be subjected to scrutiny only where the Income Tax department is in possession of credible information," Central Board of Direct Taxes said in a statement.

Appreciating the concerns of these taxpayers and with a view to mitigate their hardships, it said, Central Board of Direct Taxes has reviewed its scrutiny selection procedure.

Senior citizens for this purpose would be individual taxpayers who are 60 years of age or more. Small taxpayers would be individual and HUF taxpayers whose gross total income, before availing deductions does not exceed Rs. 10 lakh, it said.

Scrutiny of income tax returns is an important mechanism for ensuring taxpayer compliance and to counter tax-evasion, it said.

Source: Financial Express


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