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July 3, 2012 at 4:05 am #67649
The Central Board of Direct Taxes(CBDT) has issued a notification making electronically filing (e-fling) of returns compulsory for Assessment Year 2012-13 onwards, according to a statement released by the finance ministry Monday.
E-filing of returns has become compulsory 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 R s. 10 lakh”.
It has also become compulsory for an individual or a Hindu Undivided Family, being a resident, having assets (including financial interest in any entity) located outside India or signing authority in any account located outside India.
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, the finance ministry said.
Filing of returns electronically under digital signatures is already mandatory for all companies.
The Income Tax Department received a record number of 1.64crore income tax returns electronically in the year 2011-12.
E-filing is an easy, fast and secure method of filing of income tax return. The electronically filed returns are processed at the centralised processing centre, located in Bangalore, Karnatka.
“The processing for e-filed returnis faster and taxpayers get their refunds, if due, quickly,” the statement said.
The Income Tax Department also provides some value added services like tracking of refunds, viewing tax credit status, e-mail and SMS alerts regarding status of processing and refunds to taxpayers who e-file their returns.
Source:http://indiatoday.intoday.inJuly 8, 2012 at 12:57 am #73124
e-filing at https://incometaxindiaefiling.gov.in/ is really an excellent service of Govt. of India. After e-filing refund is also quicker and it is electronically transmitted to the savings bank account. Digital signature is also not mandatory; in that case Form -V i.e. Acknowledgement is to be sent to CPC, Bangalore. I used to avail this service for years. But not using for past two years; because of exemption of return for employees having income of less than Rs. 5 lacs per annum.July 8, 2012 at 3:27 pm #73142
If an employee earn more then one employer, have some other source of income etc. but total income less then 5 lac. per year. Is he/she eligible e-filing of return? All the best.July 8, 2012 at 4:00 pm #73147
but total income less then 5 lac. per year. Is he/she eligible e-filing of return?
Dear friend. There is no restriction regarding this. Every tax assessee may use the e-filling system no matter how much is the yearly income.September 5, 2012 at 10:07 am #73973
Re: E-filing of returns must for earning over Rs. 10 lakh p.
According to the CBDT notification S.O. 626(E) dated 28th March 2012 e-filing is MANDATORY for A.Y. 2012-2013 for the following categories of assesses:
“(1) 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;
(2) 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.”
There is no restriction for assesses having taxable income equal to or less than 10 lakh rupees.
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