The online filing of income tax returns could touch one crore-mark in the current financial year from 55 lakh in the last fiscal with the government making it mandatory for certain professionals and business entities as well apart from corporates.The finance ministry said that professionals, including doctors, lawyers and chartered accountants, earning over Rs 10 lakh annually will be required to file income tax returns electronically.
Besides, all business entities and Hindu undivided families (HUFs) with a business income of over Rs 40 lakh per annum will also be required to mandatorily file income tax returns in the electronic format, the ministry said.
“With the addition of Hindu undivided families and individuals, the e-file returns are likely to touch one crore,” an official with the Finance Ministry said.Under the Income Tax Act, the individuals and HUFs are required to get their accounts audited if the turnover or gross receipts from business exceeds Rs 40 lakh (Rs 60 lakh from assessment year 2011-12) or receipts from the profession exceeds Rs 10 lakh (Rs 15 lakh from assessment year 2011-12).
“Now all individuals and the Hindu undivided families (HUFs), who are required to get their accounts audited…are also required to file their income tax returns electronically with or without digital signatures,” the official said.
Earlier, this condition was applicable only to companies and partnership firms.
Further, the ministry made it mandatory for all companies to file income tax returns electronically with digital signatures, a move that will facilitate faster filing of I-T returns by India Inc.
The government had introduced the system for mandatory e-filing of income tax returns by corporates from assessment year 2006-07. The due date for submitting income tax returns for assessment year 2010-11 is July 31, 2010.