The Union government on 11 April 2012 made it mandatory for individuals with income above Rs 10 lakh to file their tax returns 2011-12 onwards electronically. E-filing was made compulsory for the person who is an individual, or a Hindu Undivided Family, if his or its total income, or the total income in respect of which he is or it is assessable under the Act during the previous year, exceeds Rs 10 lakh for assessment year 2012-13 onwards. E-filing for such individuals was optional till 2010-11. Currently business houses with receipts of Rs 60 lakh and professionals with income of Rs 15 lakh are mandatorily required to e-file their return with digital signature.
The department had received a record number of 1.64 crore e-returns in the 2011-12 financial year. As on 31 March 2012, there were 19684,592 tax payers who had registered for e-filing.
The e-filing measure was adopted to encourage people to go for e-filing of returns so as to fasten the process of filing of taxes. The digital signature was however not mandatory for them.
The new tax returns forms ask assessees to furnish details of donations made for claiming tax deductions. Also the government made it mandatory reporting of assets held by individuals abroad, including financial interest in any entity, overseas.
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