Earning over Rs10 L a year? File e-returns

E-format also mandatory for business entities and Hindu undivided families with income over Rs 40 lakh pa

NEW DELHI:

Professionals, including doctors, lawyers and chartered accountants, earning over Rs 10 lakh a year will be required to file income tax returns electronically, the finance ministry said on Monday.

Besides, all business entities and Hindu undivided families (HUFs) with a business income of over Rs40 lakh per annum will also be required to compulsory file income tax returns in the electronic format, the ministry said.

"Now, all individuals and HUFs, who are required to get their accounts to file their income tax returns electronically with or without digital signatures," an officials release said.

Under the Income Tax Act, individuals and HUFs are required to get 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 15lakh from assessment year 2011-12).

Earlier, this condition was applicable only to companies and partnership firms. The ministry has also made it mandatory for companies to file income tax returns electronically with digital signatures, a move that will facilitate faster filing of I-T returns by India Inc.