The Central Board of Direct Taxes (CBDT) chairman on Thursday, officially announced the launch of the scheme declared in the last budget. As per this, any tax payer who earns less than Rs. 5 lakhs an year need not file tax returns. Please note that there exceptions to this:
- if there is income other than from salary or interests from savings accounts (SB account, FD, post office deposits etc)
- if the employee has changed his job in this year (meaning, there are more than one Form 16)
Also, the employee needs to report his all interest income to his employer, so that all his extra interest income has been added in the Form 16.