Govt Eases I-T Return Criteria
The government has announced certain exemptions to the `one-by- six' scheme introduced as a measure to widen the tax base.
The scheme requires a person to file returns on the basis of fulfilling any one of the following six economic criteria :
* Occupation of an immovable property of a specified floor area by way of ownership, tenancy or otherwise;
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* ownership/lease of a motor vehicle;
* subscription of a telephone;
* foreign travel;
* holding of a credit card not being an add-on card;
* membership of a club charging entrance fee of Rs 25,000 or more.
The government has since issued a number of notifications to rationalise the above provisions and exempting certain classes of persons from the ambit of these provisions.
A department of revenue release issued here yesterday further eases the criteria for certain categories.
The obligation to file return on the basis of economic criteria is not applicable to non-residents who might be maintaining the above economic assets in India. Senior citizens, that is, individuals who have attained 65 years of age and are not engaged in any business or profession will not be required to file a return on the basis of ownership of a house or subscription of a telephone.
Travel to any foreign country for the purpose of the above provision will not include travel to countries like Bangladesh, Bhutan, Maldives, Nepal, Pakistan, Sri Lanka.
Also, travel to Saudi Arabia for the Haj pilgrimage organised by the Central Haj committee constituted under the Haj Committee Act, 1959 and travel to China on pilgrimage to Kailash Mansarovar organised by ministry of external affairs shall not be regarded travel to any foreign country.
These provisions are applicable for the assessment year 1998-99 for which the last date of filing the return has been extended to October 31.