e-Filing of returns must for people earning over Rs 10 lakh

CBDT issues notification; e-filing compulsory for assessment year 2012-13 onwards

PTI | July 2, 2012



People with annual income of over Rs 10 lakh will have to file their tax returns for 2011-12 electronically.

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 Rs 10 lakh.

However, digital signature will not be mandatory for these taxpayers, the finance ministry said in a statement.

e-Filing for such assessees was optional till 2010-11.

The income tax department had received a record 1.64 crore e-Returns in 2011-12 financial year.

Currently, 'Business Houses' with receipts of Rs 60 lakh and professionals with income of Rs 15 lakh are mandatorily required to e-file their return with digital signature.

As on March 31, 2012, there were 19,684,592 tax payers who had registered for e-filing.

The ministry said, "e-Filing is an easy, fast and secure method of filing income tax return" and "the processing for e-filed return is faster and taxpayers get their refunds, if due, quickly".

The electronically filed returns are processed at Centralised Processing Centre, Bengaluru.

The income tax department also provides some value added services like tracking of refunds and viewing of tax credit status.

Comments

 

Other News

India faces critical shortage of skin donors amid rising burn cases

India reports nearly 70 lakh burn injury cases every year, resulting in approximately 1.4 lakh deaths annually. Experts estimate that up to 50% of these lives could be saved with adequate access to skin donations.   A significant concern is that around 70% of burn victims fall wi

Not just politics, let`s discuss policies too

Why public policy matters Most days, India`s loudest debates stop at the ballot box. We can name every major leader and recall every campaign slogan. Still, far fewer of us can explain why a widow`s pension is delayed or how a government school`s budget is actually approved. That

When algorithms decide and children die

The images have not left me, of dead and wounded children being carried in the arms of the medics and relatives to the ambulances and hospitals. On February 28, at the start of Operation Epic Fury, cruise missiles struck the Shajareh Tayyebeh school – officially named a girls’ school, in Minab,

The economics of representation: Why women in power matter

India’s democracy has grown in scale, but not quite in balance. Women today are active participants in elections, influencing outcomes in ways that were not as visible earlier. Yet their presence in legislative institutions continues to lag behind. The Nari Shakti Vandan Adhiniyam was meant to addres

India will be powerful, not aggressive: Bhaiyyaji

India is poised to emerge as a global power but will remain rooted in its civilisational ethos of non-aggression and harmony, former RSS General Secretary Suresh `Bhaiyyaji` Joshi has said.   He was speaking at the launch of “Rashtrabhav,” a book by Ravindra Sathe

AI: Code, Control, Conquer

India today stands at a critical juncture in the area of artificial intelligence. While the country is among the fastest adopters of AI in the world, it remains heavily reliant on technologies developed elsewhere. This paradox, experts warn, cannot persist if India seeks technological sovereignty.


Archives

Current Issue

Opinion

Facebook Twitter Google Plus Linkedin Subscribe Newsletter

Twitter