Income Tax - E-filling must for income over Rs 10 lakh

The government has made it mandatory for individuals with income of over 10 lakh to file their tax returns electronically for 2011-12. E-filing has been made compulsory for individuals and Hindu undivided families (HUFs) if the total assessable income during the previous year exceeds 10 lakh for the assessment year 2012-13, said the Income Tax Department. However, digital signature will not be mandatory. Till last year, e-filing was optional for such individuals and HUFs. The IT department received a record number of 1.64 crore income tax returns electronically in 2011-12. Currently, business houses with receipts of 60 lakh and professionals with income of 15 lakh are mandatorily required to efile their return with digital signatures.

Source: The Economic Times Wealth April 16, 2012