Online income tax return filing is only option for Individuals having income above 5 Lacs

Earlier, e-filing was mandatory for individuals having a taxable income of more than Rs 10 lakh. According to sources in the ministry of finance, nearly 18 lakh individual taxpayers fall in the Rs 5-10 lakh tax slab, all of whom will now have to file their I-T returns online. Salaried employees have to file their I-T returns for the income earned in FY13 by July 31, 2013.  Online income tax return filing is only option for Individuals having income above 5 Lacs . Salaried taxpayers, however, do not have to obtain a digital signature for e-filing their I-T returns. After having filed online, for verification of the return, a hard copy has to be sent to the central processing unit in Bangalore. Salaried taxpayers having income from salary, house property and income from other sources such as bank interest can e-file the simple form – Sahaj (ITR1). However, if they report a loss under the head income from house property or winnings from lottery or from betting at a racecourse or even capital gains, then Sahaj form is not applicable and Form ITR2 or another appropriate form needs to be filled in and filed online. “Salaried individuals earning less than Rs 5 lakh have an option to manually file their tax returns. “The exemption from income tax returns was available only for the assessment years 2011-12 and 2012-13. The exemption provided during the last two years is not being extended for assessment year 2013-14,” the CBDT said in a statement.  Thus, Online income tax return filing is only option for Individuals having income above 5 Lacs . At Taxmantra.com, we provide one-to-one Personalized Income Tax return Filing Services to help tax payers in addressing their tax issues and also in filing of their income tax returns. You can look to visit our  Online ITR Filing Page.

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