Income tax new rules for 2011-12 assessment year
A Central Board of Direct Taxes official announced that No income-tax returns is required for salaried person whose annual taxable income including salary and interest is up to Rupees five lakhs. It is a good news for Goan salaried person who can enjoy these benefits from IT department.
New IT scheme for salaried professional
As per source, new tax rules has to be implemented in 2011-12 assessment year for salaried person whose salary up to five lakhs per annum and it shall not be included sources like capital gains or house property etc. salaried person can claim tax refund have to file accordingly - Goa citizen has the same benefit during 2011-12 assessment year.
Salaried individual in Goa who needs exemption from IT return filing has to disclose on the incomes such as interest and dividend to his / her employer for tax deduction.