Wednesday, 6 March 2013

Income Tax e-filing now compulsory for income over Rs.5.00 lakhs in AY 13-14

Income Tax e-filing now compulsory for income over Rs.5.00 lakhs  in AY 13-14

If you are taxable income is over Rs.5.00 lakhs in the current fiscal year 2012-13, the Government of India, through Income Tax Department has decided to bring you into the ambit of e-filing of the ITR (Income Tax Returns).    The earlier limit for e-filing was Rs.10.00 lakhs for fiscal 2011-12.

Though the official notification is yet awaited from the Income Tax Department, the e-filing of returns for income over Rs.5.00 lakhs is sure to be implemented in the current fiscal.

In other words, if you are earning less than Rs.5.00 lakhs you dont have to file any returns (see below for information) and if you are earning Rs.5.00 lakhs or more, the E-filing has been made compulsory.  So in the long run, goodbye to filing the hand written Saral forms.  

The process is easy and there are many online sites charging you anywhere between Rs.250.00 to Rs.500.00 to do it for you.  You can also file a e-return.  I will post a complete tutorial for you.

Those who are earning Rs.5.00 lakhs from a single employer and have Rs.10000.00 or less as bank interest are no longer required to file the ITR.  The tax deducting authority has to just issue you a  Form 16.  This is only applicable for those salaried employees who don't have any other source of income.  The circular dated 23.7.2011 can be downloaded here.  IF you have any other income other than salary and bank interest as noted above, you will have to file a return.

The last date for filing of returns for the current year FY 2012-13 is 31.7.2013.  

Vijay Prabhu

Update : 6.5.2013 : The Central Board for Direct Taxes (CBDT) today notified the mandatory e-filing of Tax returns for those having income of over Rs.5.00 lakh per year.  Kindly read the full article here : E-Filing of Income Tax for those earning over Rs.5.00 lakh per annum made compulsory by CBDT for the year 2012-13




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2 comments

  1. Nice information provided, Thanks for sharing. I filed my tax returns online through TaxSmile website, it's very easy. It has really been a Wonderful and Smiling experience with filing my taxes in the simplest way.For info visit at www.taxsmile.com

    ReplyDelete

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