E-file returns compulsory if income exceeds Rs 10 Lakhs
People with income of Rs 10 Lakhs per annum will have to file their tax returns electronically beginning 2011-12 Financial year. The CBDT (Central Board of Direct Taxes) 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 Lakhs. Yet, digital signature will not be mandatory for these tax payers.
E-filing for such assesses was optional till 2010-11.
The Income Tax Department had received record 1.64 crore E-returns in 2011-12 financial year.
Month: Current Affairs - July, 2012
Topics: Economy • Income Tax Department • Income tax in India • Income tax in the United States • Income tax return • Ministry of Finance • Pay-as-you-earn tax • Tax • Tax forms • Tax return • Taxation in the United States • Union budget of India