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.

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.

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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.