Tuesday, July 3, 2012

Mandatory Income Tax Return E-Filing AY 2012-13:CBDT press release


on Tuesday, July 3, 2012

CBDT has issued notification S.O. 626(E), dated 28th March 2012 vide which e-Filing has been made compulsory for Assessment Year 2012-13 onwards for :

  • an individual or a Hindu undivided family, if his or its total income, or the total income in respect of which he is or it is assessable under the Act during the previous year, exceeds ten lakh rupees; and
  • an individual or a Hindu Undivided Family (HUF), being a resident, having assets (including financial interest in any entity) located outside India or signing authority in any account located outside India and required to furnish the return in Form ITR-2 or ITR-3 or ITR-4.
However, digital signature will not be mandatory for these taxpayers and they can also transmit the data in the return electronically and thereafter submit the verification of the return in Form ITR-V.

2. Filing of returns electronically under digital signatures is already mandatory for any company required to furnish the return in Form ITR-6 or a firm required to furnish the return in Form ITR-5 or an individual or HUF required to furnish the return in Form ITR-4 and to whom provisions of section 44AB are applicable.

3. The Income Tax Department has received a record number of 1.64 crore income tax returns electronically in the year 2011-12. E-filing is an easy, fast and secure method of filing of income tax return. The electronically filed returns are processed at the Centralized Processing Centre, Bengaluru. The processing for e-filed return is faster and taxpayers get their refunds, if due, quickly. The Department also provides some value added services like tracking of refunds, viewing tax credit status (Form 26AS), e-mail and SMS alerts regarding status of processing and refunds to taxpayers who e-file their returns.

For Easy Online e filing at reasonable rates you can visit Taxmunshi.com .Get 10% special discount use code "SIMPLETAXINDIA" on e filing of ITR-1,ITR-2 and ITR-4S


Download E filing Income Tax Forms for Ay 2012-13



Compulsory e filing of Income Tax return with or without digital singnature
Sr No
Person
ITR FORM
Description
1
Individual /HUF
ITR-1, ITR-2 ,ITR-3, ITR-4, ITR-4S
If income exceeding 10 Lakh
2
resident and has

(i) assets (including financial interest in any entity) located outside India; or

(ii) signing authority in any account located outside India
Compulsory e filing of Income Tax return with digital singnature
1
Individual /HUF
ITR-4
if provisions of section 44AB are applicable
2
Firm
ITR-5
if provisions of section 44AB are applicable
3
Company
ITR-6
in all cases


Which Income Tax form You should Use
Sr no.
Form
Person
Description
1
Individual
Income from salary/pension:    or
Income from one house property(excluding where loss brought forward from previous year): or
Income from other sources( excluding winnings from lottery and income from races horses)

Note:Further in a case where income of another person like spouse,minor child,etc.is to be clubbed with the assessee this return form can be used only if the income being clubbed falls in to above income categories.
2
Individual / HUF
Individual who can not file Sahaj above and where the total income does not include any income chargeable to income-tax under the head “Profits or gains of business or profession”,
3
ITR-3
Individual / HUF
partner in a firm and income chargeable to income-tax under the head “Profits or gains of business or   profession” does not include any income except the income by way of any interest, salary, bonus, commission or remuneration, by whatever name called, due to, or received by him from such firm
4
ITR-4S
Individual / HUF
deriving business income and such income is computed in accordance with special provisions referred to in   section 44AD and section 44AE of the Act for computation of business income
5
ITR-4
Individual / HUF
 Not covered in sr number 1 to 4 Above and deriving income from a proprietory business or profession
6
ITR-5
Partenership Firms (& others)
 Not being an individual or a Hindu undivided family or a company or a person to which Sr no 8 applies.Applicable for All source of Incomes
7
ITR-6
Company
Not covered in 8 below.All Income heads
8
ITR-7
person including a company whether or not registered under section 25 of the Companies Act, 1956
required to file a return under sub-section (4A) or sub-section (4B) or sub-section (4C) or sub-section (4D)   of section 139





Income Tax Return filing  mandatory if your Individual/HUF  income is more than 10  Lakh in Fy 2011-12.So you have e File your return Read notification .However he may file with or without digital signature.
So if your Income is more than 10 Lakh then you have to e file you income tax return and you can not submit income tax return on paper Form.

Before filing of Income Tax return you should check your Tax deducted deposited and collected through Form 26AS. How to check Form 26AS in three ways is available here


Income Tax return Up to 5 Lakh is exempted for salaried person for Asessment year 2012-13 up to taxable income of 5 Lakh Salary including saving bank interest up to ten thousand.

If you have not sign ur online return with digital signature then uploading of xml file on e filing site is not enough ,Please furnish the Form ITR-V to the Income Tax Department , CPC, Post Bag No - 1, Electronic City Post Office, Bangalore - 560100, Karnataka BY ORDINARY POST ONLY within 120 days after the date of transmitting the data electronically .

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