Form 16 is Income Tax Return for Salaried Person Income Below 5 Lakhs

Finance Minister Mr. Pranab Mukarjee said on 24-05-2011 that no need to file income tax return for salaried person whose income is from salary and not from other sources, income 5 lakhs or below. But the question was that how the income tax return will be filed. Whether the employer file the return on there behalf or some other arrangement will take place.
Now the doubt is clear. Form 16 which is issued by the employer to the employee, a certificate of the deduction of TDS will do the work of income tax return of the salaried person.So it is a great news as the salaried person need not do anything but to submit Form 16 to the department and it's done.

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