| Topic : Income Tax Rules |
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Tech World |
Project Management ++ |
Banking & Insurance Professionals |
7 more ...
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Activity:
Question posted: 07 31 2010 10:52:36 +0000,
1 answers, 319 views, last activity
08 02 2010 09:56:11 +0000
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Filing of e-returns could touch one crore this fiscal: FM
NEW DELHI: The online filing of income tax returns could touch one crore-mark in the current financial year from 55 lakh in the last fiscal with the
government making it mandatory for certain professionals and business entities as well apart from corporates.
The finance ministry said that professionals, including doctors, lawyers and chartered accountants, earning over Rs 10 lakh annually will be required to file income tax returns electronically.
Besides, all business entities and Hindu undivided families (HUFs) with a business income of over Rs 40 lakh per annum will also be required to mandatorily file income tax returns in the electronic format, the ministry said.
"With the addition of Hindu undivided families and individuals, the e-file returns are likely to touch one crore," an official with the Finance Ministry said.
Under the Income Tax Act, the individuals and HUFs are required to get their accounts audited if the turnover or gross receipts from business exceeds Rs 40 lakh (Rs 60 lakh from assessment year 2011-12) or receipts from the profession exceeds Rs 10 lakh (Rs 15 lakh from assessment year 2011-12).
"Now all individuals and the Hindu undivided families (HUFs), who are required to get their accounts audited...are also required to file their income tax returns electronically with or without digital signatures," the official said.
Earlier, this condition was applicable only to companies and partnership firms.
Further, the ministry made it mandatory for all companies to file income tax returns electronically with digital signatures, a move that will facilitate faster filing of I-T returns by India Inc.
The government had introduced the system for mandatory e-filing of income tax returns by corporates from assessment year 2006-07. The due date for submitting income tax returns for assessment year 2010-11 is July 31, 2010.
YES
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yes offcourse, Moreover heavy penalty should be imposed on companies as well as govenrnment authorities like MMRDA, BMC, Metro Rail Corporation & Indian railways for polluting cities like mumbai and delhi |
the greed of people is increased by price hike.... people want more more.. human wants are unlimited but resources are limited... The ground reality is different from what we expect.... so no Price rise but better social balance should be the motto |