Government makes E-filing mandatory for those earning above Rs.5 lakh

Government makes E-filing mandatory for those earning above Rs.5 lakhThe taxation authorities in India has made it mandatory for all the taxpayers in the country who earn more than Rs. 5 lakh per annum to file their tax returns online.

Revenue secretary Sumit Bose said, "Income tax returns for the group above Rs. 5 lakh will have to be e-filed. This is a move towards using technology so that the interface between the assessing officer and the assessee is minimised." He was speaking at an event organised by the Federation of Indian Chambers of Commerce and Industry on Tuesday.

The Income Tax Department is working to expand the tax net in the country and is already working to identify penholders who have not filed their returns. The government had introduced the e-filing of returns for taxpayers earning more than Rs. 10 lakh.

Meanwhile, the union finance ministry is also working to allow e-filing of wealth tax returns. Currency regulations require furnishing of return of net wealth as on the valuation date in the prescribed form. The government has said that it will insert new Sections 14A and 14B in the Wealth Tax Act to enable the introduction of electronic filing of annexure-less return of net wealth.