Central Board
of Direct Taxes (CBDT) has issued a notification S.O. 626(E) dated 28th
March 2012 vide which e-Filing has been made compulsory for 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. The Department also
provides some value added services like tracking of refunds, viewing tax credit
status (Form 26AS), e-mail and SMS alerts regarding status of processing and
refunds to taxpayers who e-file their returns.
Source : PIB, July 2, 2012
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