If annual Income 4 lacs, have to pay tax 2016-17 FY

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New rule is going to apply on those, whose annual income is 4 lakhs and above, they will have to pay Incometax from the year 2016 onwards. Income tax department is trying bring more assesses from the financial year 2016-17. Those who are meeting this taxable income, need to submit the IT return.

As of today, up to 5 lakhs annual income doesn't require to submit IT return. Now CBDT team is planning bring annual income 4 lakhs people to Income tax payers list.


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