Professionals, including doctors, lawyers and chartered accountants, earning over Rs 10 lakh annually will be required to file income tax returns electronically, the Finance Ministry said today. 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.

“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,” an official release 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).

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.

“It is now mandatory for all companies to file income tax returns electronically in with digital signatures,” a release said. Earlier, companies could file their electronic returns with or without digital signatures. Digital signature or electronic signature does not require physical verification of the signatory.

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.

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Category : Income Tax (28782)
Type : News

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