Wednesday, July 24, 2013

IT Department clarifies - Salaried Employees with Total Income up to Rs.5 lakhs too have to file Income Tax Returns

Income Tax Department has issued a press release clarifying that Salaried Employees with Total Income up to Rs.5 lakhs too have to file ITR (Income Tax Return) this year viz., Assessment year 2013-14. CBDT has earlier made E-filing of Return compulsory for Assessment Year 2013-14 for persons having total assessable income exceeding five lakh rupees.

The CBDT vide its earlier notifications had exempted salaried employees having total income up to Rs. 5 lakhs including income from other sources up to Rs. 10,000/- from the requirement of filing return of income for assessment year 2011-12 and 2012-13 respectively. The exemption was available only for the assessment year 2011-12 and 2012-13. The exemption was giving considering ‘paper filing of returns’ and their ‘processing through manual entry’ on system.

However, this year the facility for online filing of returns has been made user-friendly with the advantage of pre-filled return forms. These E-filed forms also get electronically processed at the central processing centre in a speedy manner. Hence, the exemption provided during the last two years is not being extended for assessment year 2013-14. Taxpayers are encouraged to file their returns electronically. E-filing is an easy, fast and secure method of filing of income tax return. Moreover, Digital signature is not mandatory for these taxpayers and they can transmit the data in the return electronically by downloading ITRs, or by online filing and thereafter submit the verification of the return in From ITR-V acknowledgement after signature to Central Processing Centre. The processing for E-filed returns is faster.

As Returns of Income above Rs. 5 lakhs have to be e-filed online mandatorily, the same will not be received at any of the  counters. Only paper return of income upto 5 lakhs can be filed at the counters. 

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