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 (%)
TCS2,708.052.71
Maruti Suzuki3,084.951.29
Cipla627.801.22
H D F C1,065.301.08
Wipro586.650.98

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.