E-filing of Income tax return mandatory if income exceeds Rs 5 lakhs
The government has now made electronic filing of returns mandatory for taxpayers with a taxable income above Rs 5 lakh. Taxpayers with annual income of over 5 lakh will now have to file their returns in electronic form online.
Last year government has made the e-filing of returns compulsory for taxpayers with a taxable income above Rs 10 lakh.
DON't PANIC
Electronic e-filing of returns is easy.
For filing the return online, having Digital Signature is NOT Compulsory. Returns can be filed with or without digital signature.
In case the returns are filed with digital signature, no further action is required. In case returns are filed without using a digital signature, tax payer needs to send ITR-V (Acknowledgement) to the Income Tax department.
IMPORTANT Note - Total Income is NOT equal...