All the tax payers having taxable income of more than Rs 5 lakh will now have to file their income tax returns electronically,a move aimed at reducing the interface between them and the tax department.
Income tax returns for the group above Rs 5 lakh,all such returns will be e-filed. This is a move towards using technology so that the interface between assessing officer and assessee is minimised, revenue secretary Sumit Bose said while addressing Ficcis national executive committee meeting.
Last year in August,the Central Board of Direct Taxes (CBDT) made it mandatory for all individuals and Hindu undivided family (HUF) having annual income of more than Rs 10 lakh to file their returns electronically for which digital signatures are not necessary.
As such,e-filing of returns under digital signatures is already mandatory for any company required to furnish return,or for an individual or HUF whose annual income is Rs 40 lakh and above and required to furnish the return in Form ITR-4. The income tax department had received a record 1.64 crore returns electronically last year for assessment year 2011-12.
Bose also said that the finance ministry is finalising provisions for filing wealth tax returns electronically. Section 14 of the Wealth Tax Act provides for furnishing of return of net wealth as on the valuation date in the prescribed form. The processing for e-return is faster and refunds are quick.
* Last year,the CBDT made e-filing mandatory for individuals having annual income of Rs 10 lakh or more
* The finance ministry is also working on provisions for e-filing of wealth tax returns
* The move is being done to reduce the interface between the government and the tax payer