Friends,
In order to keep up with his promise of making Taxes moderate, payments simple for the taxpayer and collection of taxes easy for the tax collector, Finance Minister Pranab Mukherjee announced that the Government will 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. This policy he said is aimed at salaried class who do not have any other income besides their salary and are subject to tax deduction at source (TDS). Other income may include interest earned on a savings account, or a fixed deposit with a bank and capital gains made from sale of property or stock.
However experts differ in opinion with the Finance Minister and feel a very few individuals would benefit from this scheme as a salaried person with even a basic savings account is expected to be excluded from this category.
(MAJOR HIGHLIGHTS OF UNION BUDGET 2011-12)
(MAJOR HIGHLIGHTS OF UNION BUDGET 2011-12)
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