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E-filing of I-T returns mandatory for income over Rs. 5 lakh

Salaried taxpayers do not have to obtain a digital signature for e-filing their I-T returns

May 06, 2013 10:56 IST | India Infoline News Service
The Central Board of Direct Taxes (CBDT) in a notification has said that e-filing of I-T returns is now mandatory for individuals, including salaried employees, earning more than Rs. 5 lakh taxable income during the fiscal ended March 31, 2013.

Earlier, e-filing was mandatory for individuals having a taxable income of more than Rs. 10 lakh. Salaried employees have to file their I-T returns for the income earned in FY13 by July 31, 2013.

After having filed online, for verification of the return, a hard copy has to be sent to the central processing unit in Bangalore. Salaried taxpayers do not have to obtain a digital signature for e-filing their I-T returns.

Salaried individuals earning less than Rs. 5 lakh are exempted from filing of their tax return, subject to prescribed conditions.

The CBDT has also introduced e-filing of tax audit reports, transfer pricing (TP) reports and minimum alternate tax (MAT) certificates. Earlier, while e-filing of I-T returns was mandatory for India Inc, these reports had to be physically filed at the local tax office.

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