Personal Finance »Taxation»Taxation Details
Taxation Details
Back

E-filing of returns must for those earning over Rs 10 lakh

Press Trust Of India / 03 Jul 12 | 12:13 AM

People with annual income of over Rs 10 lakh will have to file their tax returns for 2011-12 electronically.

The Central Board of Direct Taxes (CBDT) has issued a notification making e-filing compulsory for assessment year 2012-13 onwards for an individual or a Hindu Undivided Family (HUF) if his or its total income exceeds Rs 10 lakh.

However, digital signature will not be mandatory for these taxpayers, the finance ministry said in a statement.

E-filing for such assessees was optional till 2010-11.

The income tax department had received a record 16.4 million e-returns in 2011-12 financial year.

Currently, Business Houses, with receipts of Rs 60 lakh and professionals with income of Rs 15 lakh are mandatorily required to e-file their return with digital signature. As on 31 March 2012, there were 19.6 million tax payers who had registered for e-filing.

The ministry said, "e-filing is an easy, fast and secure method of filing income tax return" and "the processing for e-filed return is faster and taxpayers get their refunds, if due, quickly".

The electronically filed returns are processed at Centralised Processing Centre, Bangalore.

Sensex

Company Price Gain (%)
Cipla564.506.57
Bharti Airtel387.953.19
Sun Pharma.Inds.865.952.83
Hero Motocorp2,810.001.84
HDFC Bank856.551.78

Poll

With upbeat economic data will the Nifty top 8,500 in September?


Online Portfolio

You can create Online Portfolio here using the below button.