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CBDT has issued a notification which makes e-Filing of Income Tax Return compulsory. The notice will imply from Assessment Year 2012-13 onwards for an individual or a Hindu undivided family
Central Board of Direct Taxes (CBDT) has issued a
notification which makes e-Filing of Income Tax Return compulsory. The notice
will imply from 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.
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.
The Income Tax Department has received a record
number of 1.64 crore 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 Centralized Processing
Centre, Bengaluru (Karnatka). The processing for e-filed return is faster and
taxpayers get their refunds, if due, quickly.
(Source: PIB)
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