E-FILING OF ITR-4 & ITR-5

There are specific penal provisions for

Not filing return before end of the A.Y- Rs 5000 (271F)

Not submitting the Audit report by due date

etc

THIS IS NOT A COMPLETE ANSWER PLEASE WAIT FOR OTHER REPLIES

As per the latest press release by IT deptt. dt 12-07-2010 every person whose accounts are audited is required to file his return electronically. It is now mandatory for such person whose accounts are audited u/s 44AB. If such an return is not e-filed then the phisical return may be treated as invalid return.