e-filing of return for annual income above Rs. 10,00,000

I came across a newspaper report that e-filing of return has now been made compulsory for individuals with annual income above Rs. 10,00,000 even for FY 2011-2012. It has not been clarified if the income limit is for gross income or taxable income after permissible deductions. Can you please throw some light on this? Do I need to have a digital signature for filing e-return? If so, from where shall I get it? I am a senior citizen. Can I continue to pay advance tax as before? My bank will in any case continue to deduct TDS from my FD interests, as I cannot submit 15H my annual income being taxable.

asked Apr 12 '12 at 10:38 by swapansen 1344

E-filing has been made compulsory for the person who is an individual or a Hindu undivided family (HUF), 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 Rs. 10 lakh rupees for the assessment year 2012-13 on-wards. It clearly states total income and not taxable income.

You don't need digital signature to file income tax return online. Read this article for more details: How to File Income Tax Return Form Online

For FY 2011-12 advance tax payment date is already passed so now you have to pay taxes as self assessment tax. From this year (FY 2012-13) you would need to pay advance taxes as you are a senior citizen, but income should not be from business/profession for that applicability.

Bank would continue to deduct TDS on fixed deposit and saving bank interest if it reaches more than Rs 10,000. Saving bank interest would be non taxable upto Rs 10,000 from FY 2012-13.

Also there are some more changes in pipeline from income tax department.

From this year, even if a person does not have digital signature, he can file online and even does not need to send ITR-V copy to Bangalore CPC (Central processing centre) address.

An electronic signature would be generated online in income tax efiling website after providing certain information from previous year's income tax return. On validation of such information, unique PIN would be provided to person on email/SMS. This PIN can be used to file income tax return online without needing digital signature. This will also make sure no further hard copy needs to be sent to department.

answered Apr 12 '12 at 11:05 by Pankaj Batra 5.2k320


Know someone who can answer? Share a link to this question via Email, Twitter, or Facebook

Your answer
toggle preview

Follow this question

Once you sign in you will be able to subscribe for any updates here

Markdown Basics

  • *italic* or __italic__
  • **bold** or __bold__
  • link:[text](http://url.com/ "title")
  • image?![alt text](/path/img.jpg "title")
  • numbered list: 1. Foo 2. Bar
  • to add a line break simply add two spaces to where you would like the new line to be.
  • basic HTML tags are also supported



Asked: Apr 12 '12 at 10:38

Seen: 3,802 times

Last updated: Apr 12 '12 at 11:05