It has been made mandatory for companies to file their income tax returns electronically in Form No ITR-6, with digital signatures. Earlier, companies could file their returns with or without digital signature. Filing returns electronically has also been made compulsary for individuals whose accounts are required to be audited under the I-T Act.
The Central Board of Direct Taxes amended the rules relating to electronic filing of income tax returns on July 9. According to the amended rules, all individuals and Hindu Undivided Families, who have to get their accounts audited under section 44AB of the Income Tax Act, 1961, have to file their income tax return in Form No ITR-4 electronically, with or without digital signature.
Accounts are required to be audited under the income tax law if turnover or gross receipts from a business exceeds Rs 40 lakh (Rs 60 lakh from 2011-12), or, if the turnover or gross receipts from the profession exceeds Rs 10 lakh (Rs 15 lakh from 2011-12).
