Professionals earning over Rs 10 lakh a year including doctors, lawyers and chartered accountants are required to file income tax returns electronically from now on, the finance ministry has decided.
Mandatory e-filing of returns – with or without digital signatures – has also been extended to all business entities and Hindu Undivided Families (HUFs) with a business income of over Rs 40 lakh per annum who are required to get their accounts audited.
Under the Income-tax Act, 1961, 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).
Earlier, this condition was applicable only to companies and partnership firms. Corporates had been mandated to file their returns electronically from assessment year 2006-07. From this year onwards they have to do so with with digital signatures. n

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