Making it easier for small taxpayers, Finance Minister Arun Jaitley today said there will be no scrutiny of assessees filing income tax returns for the first time.
Individuals having taxable income up to Rs. 5 lakh can just fill up a simple one-page form for filing their tax returns.
"When too many people evade taxes the burden of their share falls on those who are honest and compliant. We are now tightening our noose around tax evaders and that money is coming to exchequer, so we are trying to reward the honest tax payers," Jaitley said at the post budget press conference.
In the Budget for 2017-18, the government has sought to lower the tax burden on small taxpayers with income in the lowest slab of Rs. 2.5-5 lakh by halving their tax rate to 5 per cent.
"The other aim was also that small taxpayers should get benefits and their purchasing power is increased. Those who are outside the tax net, we have incentivised that section and made it attractive for them to come under tax net by paying 5 per cent tax up to Rs. 5 lakh income, filing one page ITR and no scrutiny," he said.
To ease the compliance burden on small traders, Jaitley also proposed to increase the threshold limit for audit of business entities who opt for presumptive income tax scheme from Rs. 1 crore to Rs. 2 crore.
Similarly, the threshold limit for maintenance of books for individuals and HUFs is being increased from turnover of Rs. 10 lakh to Rs. 25 lakh or income from Rs. 1.2 lakh to Rs. 2.5 lakh.
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