E-filling Tax Returns New Rules

Corporate companies were already required to file their returns electronically. However, In accordance with recent amendments, notifications and circulars of the government – any individual or Hindu Undivided Family must file their income tax returns electronically if they have total assessable income in excess of 5 lakhs or any refund has been claimed.

Changes to Rule-12:

In accordance with Rule 12 of the rules on Income tax, signed returns may be filed by Individuals and a set of other specified tax payers electronically coupled with a signed paper form ITR-V. However, this authentication process can also be done electronically Aadhar or internet banking based authentication process. Further, small tax payers with income lesser than 5 lakhs and no refund claims, the website provides an electronic code. This code, also called EVC or Electronic Verification code is sent to the mobile number or registered mail id of the tax payer. People who go under this option will not be required to submit ITR-V as mentioned above.

Wealth tax E-File Mandatory:

Frequent changes in rules have created confusion even in the minds of practicing professionals. It is not commonly known that Notification number 32/2014 has made it mandatory for all classes of assessees to file wealth tax returns electronically compulsorily.

E-File mandatory:

Following sets of people are also expected to file their returns electronically compulsorily:

  • If return of income needs to be furnished in ITR-3 and 4.
  • If books of accounts of the assessee are subject to Tax Audit.
  • If a person excluding one who is RNORI or Resident and not ordinarily resident has any signatory authority, income from any source or assets including any financial interest – located outside India.

If any tax relief is claimed under sections 91,90A or 90    for taxes paid outside India.

In other cases return can be:

  • Can be sent electronically via EVC.
  • Submitted digitally along with Digital signature.
  • Electronically and thereafter filing ITR-V.
  • Paper format.

Standard Rules:

The standard process for filing returns is to go to https://incometaxindiaefiling.gov.in. One can also view Form-26 AS from here. This form provided the list of people and amounts of Tax deducted at source by those from whom payment has been received during the financial year by the concerned entity. One can log in here using their unique Permanent account number or PAN which then onwards becomes the user id. After downloading and filing up the tax return form one can upload the same here. For instance forms ITR-1 and ITR-2 may be used by salaried assessees. People who have partnership income use Form ITR-3.

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