E-filing of returns must for income over Rs10 lakh
Any individual or a Hindu Undivided Family (HUF) whose total income during the previous year exceeds Rs 10 lakh, will have to file income tax returns electronically. HT reports.business Updated: Jul 02, 2012 20:57 IST
Any individual or a Hindu Undivided Family (HUF) whose total income during the previous year exceeds Rs 10 lakh, will have to file income tax returns electronically.
The Central Board of Direct Taxes (CBDT) has made e-filing compulsory for assessment year 2012-13 onwards.
Similarly, an individual or an HUF, being a resident, having assets, including financial interest in any entity located outside India or signing authority in any account located outside India and required to furnish the return in Form ITR-2 or ITR-3 or ITR-4, will also have to go in for e-filing. However, digital signature will not be mandatory for these taxpayers and they can also transmit data in the return electronically and thereafter submit the verification of the return in Form ITR-5.
Filing of returns electronically under digital signatures is already mandatory for any company required to furnish the return in Form ITR-6 or a firm required to furnish the return in Form ITR-5 or an individual or HUF required to furnish the return in Form ITR-4 and to whom provisions of section 44AB are applicable.
“The government is emphasising on e-filing, because it’s easy, fast and secure method of filing of income tax return, and it also helps the department to provide taxpayers value-added services like tracking of refunds, viewing tax credit status, email and SMS alerts regarding status of processing and refunds,” said CBDT spokesperson Anuja Sarangi.