Salaried Taxpayers earning less than Rs 5 lakh & with No Other Income exempted from filing ITR
Economy Current Affairs 2011. Salaried taxpayers who do not have other sources of income and whose income are below 5 lakh rupees per annum, to be exempted from filing income tax return
Finance Minister Pranab Mukherjee declared on 24 May 2011 that salaried taxpayers who do not have other sources of income and whose income are below 5 lakh rupees per annum, are being exempted from filing income tax return. The declaration was made by him at the 27th Annual Conference of Chief Commissioners and Directors General of Income Tax in New Delhi. The exemption is set to be applied in 2011-12 assessment year for the income earned in 2010-11.
Speaking on money laundering he highlighted that terror activities and other crimes were being funded by anti-national elements through illegal transfers. To check these transfers, government approved setting up of Directorate of Criminal Investigation in Income Tax Department itself. The Directorate will track the criminal activities before, during and after the crime is committed.
It was revealed during the occasion that India entered into double tax avoidance treaty with 40 countries to track the flow of black money. Government also entered into an agreement with 13 such entities for exchange of information. The Minister informed that with the help of strengthened transfer process mechanism, government was able to check various dubious deals of 33000 crore rupees which could have otherwise been gone undetected.