E-filing of income tax return

E-filing of income tax return is mandatory for whom ?

Central Board of Direct Taxes (CBDT) has issued a notification S.O. 626(E) dated 28th March 2012 vide which e-Filing has been made compulsory for Assessment Year 2012-13 onwards for

• an individual or a Hindu undivided family, if his or its total income, or the total income in respect of which he is or it is assessable under the Act during the previous year, exceeds ten lakh rupees; and
• an individual or a Hindu Undivided Family (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.

However, digital signature will not be mandatory for these taxpayers and they can also transmit the data in the return electronically and thereafter submit the verification of the return in Form ITR-V.

And also compulsory efiling with digital signatures if individual, huf and firms are liable to audit u/s 44ab

• an individual or a Hindu undivided family, if his or its total income, or the total income in respect of which he is or it is assessable under the Act during the previous year, exceeds ten lakh rupees; and
• an individual or a Hindu Undivided Family (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.

The Central Board of Direct Taxes has made e-filing of income-tax returns mandatory for all assessees whose annual earnings exceeded Rs. 10 lakh during the fiscal 2011-12.

With July 31 being the deadline for filing returns for the fiscal ended March 31, 2012, a Finance Ministry statement on Monday said that as per the CBDT notification, e-filing was made compulsory for the assessment year 2012-13 onwards, for an individual or a Hindu Undivided Family if the total income exceeded Rs. 10 lakh.

However, digital signature won’t be mandatory and these taxpayers, can also transmit the data in the return electronically, and thereafter submit verification of the return in Form ITR-V.

Although e-filing by these taxpayer categories was optional till 2010-11, the Income Tax Department received 1.64-crore returns in electronic format during 2011-12.

As of now, business houses with receipts of Rs. 60 lakh and professionals with an income of Rs. 15 lakh are mandatorily required to e-file their returns with digital signature.

MISS. MAYURI JOSHI IS RIGHT.

THE PERSON WHO HAS INCOME MORE THAN RS.10 LAKH IN F.Y.2012-13 HAS TO FILE RETURN ONLINE & ITS MANDATORY.

Is it necessary to file manual returns for taxable income Rs.5 lakh and below ?  there is no notification found in the INCOMETAX WEBSITES. PL LET ME KNOW IF ANY NOTIFICATION/CIRCULAR ISSUED IN THIS REGARD.

RAJU

Originally posted by : b.v.raju
	Is it necessary to file manual returns for taxable income Rs.5 lakh and below ?  there is no notification found in the INCOMETAX WEBSITES. PL LET ME KNOW IF ANY NOTIFICATION/CIRCULAR ISSUED IN THIS REGARD.   RAJU

No, Raju ji ...its is not necessary to file the return manual and if you wish u can file the return electronicaly.

Thanks & Regards

hello everyone....  i want to know wat return form is to b used for filing return wen income consists of "pension+bankint+stcg on shares......pls reply to this query as soon as possible.....