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HindustanTimes Mon,21 Apr 2014

Earn Rs. 5 lakh? Be ready to file e-returns

HT Correspondent, Hindustan Times  New Delhi, March 05, 2013
First Published: 23:48 IST(5/3/2013) | Last Updated: 01:14 IST(6/3/2013)

The Centre has decided to bring all those taxpayers having an annual income of over Rs.5 lakh in the ambit of e-filing of income tax returns (ITRs).

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In addition, the finance ministry has also made provisions for e-filing of wealth tax returns.

Last year, the government had introduced e-filing for assessees with annual income of Rs.10 lakh and above.

“Those having income above Rs.5 lakh need to file returns electronically, to minimise interface between assessing officer and assessee,” revenue secretary Sumit Bose said. At present, there are 3.4 crore tax payers in India.

Bose said the I-T department is making efforts to widen the tax base and is in the process of identifying PAN holders who have not filed returns.

He said restructuring of cadres of the Central Boards of Direct Taxes and Excise and Customs would strengthen the dispute resolution mechanism.

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