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E-filing of income tax return

CA NEHA AGARWAL (Practise) (227 Points)

09 July 2012

E-filing of income tax return is mandatory for whom ?

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9 Replies

Tehsinkhan Pathan (CA CMA DISA(ICAI) B.COM) (3956 Points)
Replied 09 July 2012

Central Board of Direct Taxes (CBDT) has issued a notification S.O. 626(E) dated 28th March 2012 vide which e-Filing has been made compulsory for Assessment Year 2012-13 onwards 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 ten lakh rupees; and
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.

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.

And also compulsory efiling with digital signatures if individual, huf and firms are liable to audit u/s 44ab

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Parihar Gopal (Corporate Taxation ) (392 Points)
Replied 09 July 2012

CBDT has issued notification S.O. 626(E), dated 28th March 2012 vide which e-Filing has been made compulsory for Assessment Year 2012-13 onwards 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 ten lakh rupees; and
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.

2. Filing of returns electronically under digital signatures is already mandatory for any company required to furnish the return in Form ITR-6 or a firm required to furnish the return in Form ITR-5 or an individual or HUF required to furnish the return in Form ITR-4 and to whom provisions of section 44AB are applicable.

Sanket (!..Live to Give..!) (16427 Points)
Replied 09 July 2012

The Central Board of Direct Taxes has made e-filing of income-tax returns mandatory for all assessees whose annual earnings exceeded Rs. 10 lakh during the fiscal 2011-12.

With July 31 being the deadline for filing returns for the fiscal ended March 31, 2012, a Finance Ministry statement on Monday said that as per the CBDT notification, e-filing was made compulsory for the assessment year 2012-13 onwards, for an individual or a Hindu Undivided Family if the total income exceeded Rs. 10 lakh.

However, digital signature won’t be mandatory and these taxpayers, can also transmit the data in the return electronically, and thereafter submit verification of the return in Form ITR-V.

Although e-filing by these taxpayer categories was optional till 2010-11, the Income Tax Department received 1.64-crore returns in electronic format during 2011-12.

As of now, business houses with receipts of Rs. 60 lakh and professionals with an income of Rs. 15 lakh are mandatorily required to e-file their returns with digital signature.

Mayuri Joshi (CA ,CS (Professional)) (239 Points)
Replied 09 July 2012

Assessees whose annual earnings exceeded Rs. 10 lakh during the FY 2011-12.

kailash soni (CA. FINAL STUDENT) (63 Points)
Replied 09 July 2012

MISS. MAYURI JOSHI IS RIGHT.

THE PERSON WHO HAS INCOME MORE THAN RS.10 LAKH IN F.Y.2012-13 HAS TO FILE RETURN ONLINE & ITS MANDATORY.

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b.v.raju (MANAGAR-MARKETING) (21 Points)
Replied 10 July 2012

Is it necessary to file manual returns for taxable income Rs.5 lakh and below ? there is no notification found in the INCOMETAX WEBSITES. PL LET ME KNOW IF ANY NOTIFICATION/CIRCULAR ISSUED IN THIS REGARD.

RAJU

KARANDEEP,CA,B.Com,CS FNL (JOB) (457 Points)
Replied 10 July 2012

Originally posted by : b.v.raju
	Is it necessary to file manual returns for taxable income Rs.5 lakh and below ? there is no notification found in the INCOMETAX WEBSITES. PL LET ME KNOW IF ANY NOTIFICATION/CIRCULAR ISSUED IN THIS REGARD. RAJU

No, Raju ji ...its is not necessary to file the return manual and if you wish u can file the return electronicaly.

Thanks & Regards

Amit Jain (Partner) (22 Points)
Replied 10 July 2012

Dear Friends!

What if 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; but not taxable as they are reciving these income as salary form United nation or the organization whose salary is non-taxbale but exceeding 10 L. if yes how they use e-filing as there is no exempted salary clause.

Thanks

Amit Jain

priyanka (article) (42 Points)
Replied 17 July 2012

hello everyone.... i want to know wat return form is to b used for filing return wen income consists of "pension+bankint+stcg on shares......pls reply to this query as soon as possible.....