No IT Returns for salaried people. Really?
When it is the Government on the other side, nothing comes to you without the fine print. I came across this interesting comment by a reader on FM’s announcement that the “Salaried class would not be required to file Income Tax returns from next year on provided there was no income from any other source”.
A reader Sharad C. Misra quipped
“the Finance Minister’s statement is confusing. There would be no salaried person who does not have “Income from Other Sources” under Section 56(1) of the I.T. Act which includes interest on Fixed Deposits, Bonds, Saving Bank account etc. Thus, the exemption would benefit only those who do not have even a Savings Bank account. We think that such a character would be a rarity in India!