CBDT’s notification only includes salary from one employer and interest income up to Rs 10,000. Income from other sources, such as house property, business and profession and capital gains, are not covered. To get a refund one has to file a return. This is welcome. But it would be better if all assessees with an income of up to Rs 5 lakh were exempted from filing their tax returns.
The best course of action is to raise the basic exemption limit to Rs 5 lakh for all individual assesses since this amount is peanuts given rising inflation. Also to give relief to small taxpayers from tax hassles it would be more appropriate to raise all current monetary limits by ten times the present ones. It shall reduce a lot of paperwork and time for millions of people. After all, raising the tax exemption limits and lowering the tax burdens always increases tax revenue
Mahesh Kapasi, New Delhi
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