The Central Board of Direct Taxes (CBDT) has issued a notification making e-filing of your income tax return (ITR) mandatory subject to certain conditions.
Here is all you need to know about it – who needs to file the ITR electronically, what needs to be done, and the things you should keep in mind.
Do You Need to E-File Your Income Tax Return (ITR)?
You can always file your income tax returns electronically – it is fast, easy and ensures quick refunds.
(As a reader of RaagVamdatt.com, you can get a special 20% discount on efiling of returns at TaxMunshi.com – just use the discount code rv20 while making the payment, and the discount would be applied! You can start right now by clicking here)
However, you must efile your ITR if you meet the following conditions (in other words, it is mandatory for your to e-file your income tax return if you meet the following conditions):
- You are an individual income tax assessee or a Hindu Undivided Family (HUF)
- Your total income is more than Rs. 10 Lakhs in FY 2011-2012
(To understand terms like FY, AY and PY, please read “Income Tax (IT) Jargon – Financial Year (FY), Assessment Year (AY) and Previous Year (PY)“)
Total Income
Please note that the “total income” here is the income before any of the popular deductions – like Section 80C deductions.
Other Things to Keep in Mind
- Although efiling of the return is mandatory, using a digital signature is not. This means that you can efile your ITR, take a printout of the receipt, and send it to the income tax department after physically signing it.
- Efiling is compulsory from this assessment year (AY 2012-13)