Compulsory E-filing for taxpayers with income greater than Rs. 10 lakh

The income tax department changed the rules for filing returns in late March 2012, but I was not aware of the same, hence thought of highlighting the same.

The major change in the rules was for individuals and hindu undivided families (HUFs) having total income more than Rs. 10 lakh.  Such tax payers shall be required to compulsorily file their income tax return electronically.  

They have an option to file it electronically under digital signature or alternatively they can file it electronically and thereafter submit the verification of the return in Form ITR V.

This applies to all individuals and HUFs having salary income or any other nature of income and sum total of such income exceeds Rs. 10 lakh.  This is applicable for filing returns for the financial year 2011-12.