E-Filing of Income Tax Return is Mandatory

The Central Board of Direct Taxes (CBDT) made e-filing of income tax return mandatory for Individuals and HUF those who have an income more than Rs. 10 Lakh from the assessment year 2012-13. A notification has issued in this regard. The e-filing should be from the assessment year 2012013 which is the financial year 2011-12.

As per the notification an Individual or Hindu Undivided Family (HUF) who have a total income exceeds Rs. 10 Lakh in a financial year must submit their income tax return electronically.

A resident individual or HUF who owns any assets located outside India or such a person is a signing authority in any account outside India must submit their income tax return in ITR-2, ITR-3 or ITR-4 should submit their Income Tax Return through e-filing.

Digital Signature is not mandatory. The abovementioned people should submit their income tax return electronically, but digital signature is not mandatory. They can write and send ITR-V for verification of their Income Tax Return.

Electronic return is already mandatory for Company which has to submit their income tax return in Form No. ITR-6, A firm with Form No, ITR-5 and Individual or HUF those who have to submit their Income Tax Return in ITR-4, where the provisions of Section 44AB Applicable.

Electronic return is convenient, fast and secure method of filing income tax return. The tax payers can get their refund immediately; they can track their return filing process and income tax refund status through the website. The Tax payers can view their tax credit including TDS and self payment of tax through the income tax India e-filing website.

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Advantages of e-filing Income Tax Return