E-filing of returns must for people earning over 10 lakh
PrintPeople with income of ten lakh rupees per annum will have to file their tax returns electronically beginning 2011-12 Financial year.
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 if his or its total income exceeds ten lakh rupees.
However, digital signature will not be mandatory for these tax payers. E-filing for such assesses was optional till 2010-11.
A Finance Ministry statement said that the Income Tax Department had received record 1.64 crore E-returns in 2011-12 financial year. Presently Business houses with receipts of sixty lakh rupees and professionals with Income of 15 lakh rupees are mandatorily required to file their returns with digital signatures.
Category : Income Tax | Comments : 0 | Hits : 706
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