CA.MANISH AGARWAL (Executive Officer (Accounts) ) (45 Points)
13 July 2012Can anyone tell whether its Gross Total Income or Total Income which should exceed Rs.10Lakhs that is to be considered for mandatory e-filing of income tax return for A.Y. 2012-13?
Prakshal M. Shah
(CA & M.Com)
(69 Points)
Replied 13 July 2012
e-filing is mandatory for company without any limit & for Tax Audit Parties.
For Individuals : if ur gross total income is more than basic exemption limit ( i.e. Rs. 1,80,000/- before drduction under chapter VI A) dn ur required to file return.
For Company & Partnership Firm : Return filing is mandatory without any limit.
Thx
CA Gnanika
(CA )
(485 Points)
Replied 13 July 2012
e-Filing has been made compulsory for the person who is 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 for AY 2012-13 onwards. Click here to download notification no. S.O. 626 (E). dtd 28th March 2012 in this regard.
So it is the total income which has to be considered. For better clarification refer the notification.
Saurabh Maheshwari
(B.com,ACA)
(5923 Points)
Replied 13 July 2012
Agreed with genika, e-filling is compulsory if Total Income of Individual /HUF exceeds Rs. 10Lacs but no need to get accounts audited if T/O is less than prescribed limit of Rs. 60 Lacs(Business)/ Rs. 15 Lacs(prof.) and e-filling cAN BE DONE without digital signature...
CA.MANISH AGARWAL
(Executive Officer (Accounts) )
(45 Points)
Replied 13 July 2012
then does it means that even if you have Gross Total Income exceeding Rs.10 Lakhs but after deductions under various sections like 80c, 80D etc, if the Total income comes below Rs 10 lakhs, then e-filing won't be neccessary?
Balaji
(Knowledge Seeker)
(317 Points)
Replied 13 July 2012
Yes,the wordings of the notification seems to imply that.
Ketan Inamdar
(Analyst)
(34 Points)
Replied 15 July 2012
Just have one query. My friend had given to someone for tax filing last year. This year, he has given ito to me. Now when i try to register with this PAN, it says, its already registered. What can I do in this case since I dont have emailid/ password at the time of the a/c creation? Can I reset the email id? or password? or can I just proceed to efiling without original email id? is this possible?
CA Gnanika
(CA )
(485 Points)
Replied 16 July 2012
Yes u can reset the password & email id.
While filing your ITR this year, provide the email id with which u want future correspondence, it gets updated & further information regarding this AY will be sent to that id.
CAclubindia
