Professionals earning over Rs 10L to file e-returns

Last Updated: Monday, July 12, 2010 - 22:33

New Delhi: 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.

PTI



First Published: Monday, July 12, 2010 - 22:33

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