Income Tax Returns from Assessment Year 2012-13 - Mandatory e-filing

From the Assessment year 2012-13 the income tax department has made e-filing compulsory for the following categories of tax payers vide Notification number S.O.626(E), dated 28.3.2012.  

1. an Individual or a HUF whose total income is more than Rs.10 lacs
2. an Individual or a HUF, who is a resident, having assets (including financial interest in any entity) located outside India or signing authority outside India and required to furnish tax returns under ITR2 or ITR3 or ITR4

CBDT has further clarified under its Press Release No.402/92/2006-MC (12 or 2012) dated 2.7.2012 that though e-returns are mandatory for the above 2 categories, digital signature is not mandatory.  The assesses can transmit the data in the return electronically and thereafter submit for verification to ITR-V to CPC in Bangalore by ordinary post within 120 days.

 

To clarify 

• ITR1 is for tax payers with 
• salary or pension income
• Rental income from one property
• capital gains that are tax free
• Interest from interest and other sources
• ITR2 is for tax payers with
• salary or pension income
• Rental income from more than one prpoerty
• Any Capital losses or Capital gains
• Income from other sources
• Foreign assets
• ITR3 is for tax payers with 
• Interest from salary, bonus, commission or remuneration
• Capital gains
• More than one house rental income with carried forward losses
• Income from other sources
• ITR4 is for tax payers with
• Income from business or profession
• Income from other sources
• Foreign assets
• ITR5 is for Firms
• ITR6 is for Companies

E-filing of income tax returns can be done through website of the CBDT @ https://incometaxindiaefiling.gov.in/portal/index.jsp.  One has to login using their PAN number and then download the relevant ITR.  Once the ITR is completed there is a Submit Return icon available through which online return can be filled and ITR-V can be generated to forward to CPC in Bangalore.