New Delhi: Around 80 lakh people will not be required to file income tax return by the end of this financial year. Government will issue a notification in this regard in the first week of June. As per the notification all those whose annual income amounts up to Rs five lakh will be exempted from filing return.

While presenting the Union Budget of 2011-2012, Finance Minister Pranab  Mukherjee had announced that tax payers in t he above mentioned income slab would not be required to file returns.

Apart from tax exemption, all the refunds due for financial year 2010-2011wouldbe disbursed by the end of April.

Central Board of Direct Taxes (CBDT) chairman Sudhir Chandra said, “People who will not have an extra income and are not eligible of receiving refunds would be exempted from paying tax returns.”

“Persons who file their income tax electronically will get their refunds within a month,” he added.

Earlier this month 8, 23, 101 cases have been settled and refund of Rs 6183 crore has been given to the tax payers.

Sudhir Chandra also assured that 16 million people who have claimed their refunds would be settled by April 20th.

The official informed that income tax department has fastened its belt to speed up the process of clearing the pending refund as soon as possible. As per records, in 2009-10, 50 lakh cases were settled by the department, while in the year 2010-11, the number swelled to 85 lakh.

JPN/Bureau