Earning More than Rs.10 Lakh? Filing E-return is Must

Bangalore: Government has made it compulsory for the individuals with an income of more than Rs.10 lakh (Rs.1 million) to electronically file tax returns for 2011-12, which was operational till the previous financial year.

This newly introduced tax returns norm has also asked individuals to furnish details of donations made for claiming tax deductions.

In the financial year, 2011-12, Income Tax Department had received a record number of Rs.1.64 crore (Rs.16.4 million) e-returns. At present, business houses with receipts of Rs.60 lakh and professionals with an income of Rs.15 lakh will have to mandatorily file an e-return with their digital signatures.

“E-filing has been made compulsory for the person who is 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 Rs.10 lakh (Rs 1 million) for assessment year 2012-13 onwards”, said the Income Tax Department, as quoted by Rediff.