Wednesday, 6 March 2013

e-filing Income Tax return above 5 Lakh is mandatory

e-filing Income Tax Return made mandatory by the government for those taxpayers who have a taxable income more than Rs. 5 Lakh per annum.  Earlier the limit was Rs. 10 Lakh and in this budget it has come down to Rs. 5 Lakh.

The Union Finance Minister P Chidamparam informed through the budget speech that he is extending the parameters of income tax e-filing Income Tax returnreturn through e-filing. But he has not given any more information.

The mandatory e-filing income tax return above Rs. 5 Lakh income will be from the assessment year 2012-13 onwards.  Most taxpayers,  those who have an income less than Rs. 5 lakh should not submit income tax return under certain conditions. So almost all income tax returns must be made online.

It is a good move that the income tax department can reduce their manual work up to a  certain extent. It is convenient for income tax payers also. They will get their Income tax accessed as soon as possible and can reduce interest payment, if there is any shortfall in the tax payment. At the same time they will get their Income tax refund quite earlier than manual filing.

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