Taxable Income Over 5 Lakhs e-Filing of Return is mandatory for A.Y. 2013-14
E-filing was mandatory for those whose Taxable Income was over Rs. 10 Lakhs. But from the Assessment Year 2013-14 it is mandatory to file electronic income tax return if Taxable Income exceeds Rs. 5 Lakhs. In this regard the Income Tax department has already issued Notification No. 34/2013 dated 01-05-2013.
As per Finance Ministry, from A.Y. 2013-14 e-filing of Income Tax Return is mandatory to taxpayer whose annual taxable income above Rs. 500000/-. Now in current year i.e. A.Y. 2012-13 e-filing is mandatory to those taxpayee whose income more than 10 lakhs. Besides, the Finance Ministry is also making provisions for e-filing of Wealth Tax returns.
The Government had last year introduced the system of e-filing of Income tax returns for Assessees with annual income of Rs 10 lakh and above.
Section 14 of the Wealth-tax Act provides for furnishing of return of net wealth as on the valuation date in the prescribed form.
At present, certain documents and reports are required to be furnished along with the return of net wealth under the provisions of Wealth-tax Act read with the provisions of Wealth-tax Rules.
Sections 139C and 139D of the I-T Act contain provisions for facilitating filing of return of income in electronic form by certain class of income-tax Assessees.
“In order to facilitate electronic filing of annexure- less return of net wealth, it is proposed to insert new sections 14A and 14B in the Wealth-tax Act on similar lines… The amendments will take effect from June 1, 2013,” said the Memorandum to the Finance Bill 2013.
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