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You will soon get the Form 16 with details of your income and taxes paid from your employer. Then you have a couple of months to file your tax returns. However, the Central Board of Direct Taxes (CBDT) has issued a notification which has made it mandatory for individuals earning an annual income in excess of Rs 10 lakh to file their returns online from the current financial year. Until now, an individual with income above 10 lakh had the choice of filing income-tax returns either online or through an auditor/chartered accountant. Individuals earning over Rs 10 lakh salaried income "It is now mandatory for individuals with total income above Rs 10 lakh to file their personal tax returns online through the income-tax website," says Vineet Agarwal, director, KPMG. This new notification is applicable to individuals and Hindu Undivided Family (HUF) taxpayers as well. Online tax filing definitely comes with certain advantages. You can e-file the returns from home or office anytime. Moreover, it is easier to track refunds which will be either transferred electronically to the bank account or will be sent by cheque. But don't wait till the last week of July to e-file your returns. Send signed ITR V form to the Centralised Processing Centre, Bangalore, as soon as possible and resend the same if you do not receive a confirmation for the one sent earlier. The income-tax department's e-filing website becomes almost inaccessible (due to server overload) during the last few days of July. In such cases you have the option of filing your e-return through other private tax filing portals. "Further, resident individuals having assets abroad (including authority to sign a bank account held abroad) are compulsorily required to file their returns electronically for AY 2012-13 and for subsequent assessment years as well," says Vaibhav Sankla, director-business development and tax training, H&R Block India. Individuals earning up to Rs 5 lakh annual income As per the Notification, only individuals who satisfy the following conditions are eligible for exemption from furnishing returns for tax year 2011-12: a) Total income does not exceed Rs 500,000.
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http://economictimes.indiatimes.com/personal-finance/tax-savers/tax-news/earning-rs-10-l... 4/24/2012
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b) Total income consists only of income under the following heads: - 'Salaries'
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