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Mar 06, 2013
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E-filing must for those earning more than Rs 5 lakh
Taxpayers with annual income of over 5 lakh will now have to file their returns in electronic form, a senior finance ministry official said on Tuesday.The threshold limit for e-filing of returns was 10 lakh last year. The e-filing allows for faster processing of income tax returns and settlement of errors and omissions.Even the wealth tax returns will now have to be filed electronically."Income tax returns for the group above 5 lakh, all such returns will be e-filed. This is a move towards using technology so that the interface between Assessing Officer and assessee is minimised," Revenue Secretary Sumit Bose said at a Ficci event in Delhi.
Source -
http://economictimes.indiatimes.com
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