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E-filing must for salaries over Rs 5 lakh


E-filing must for salaries over Rs 5 lakh
Tax-payers having an annual income of over Rs 5 lakh will be required to file their returns in electronic form, a senior finance ministry official said on Tuesday. Besides, the finance ministry is also making provisions for e-filing of wealth tax returns.

"People, who have income of over Rs 5 lakh, will have to file returns electronically. This is a move towards using technology so that the interface between assessing officer and assessee is minimised," revenue secretary Sumit Bose said at a FICCI event here on Tuesday.

The government had in 2012 introduced the system of e-filing of income tax returns for assessees with annual income of Rs 10 lakh and above.

At present, certain documents and reports are required to be furnished along with the return of net wealth under the provisions of Wealth Tax Act.

Bose further said the income-tax department is making all efforts to widen the tax base and is in the process of identifying PAN holders who have not filed returns.

He said the tax department would be sending out second set of "polite letters" to 35,000 assessees.

As of now, the letter sent by the I-T authorities to 35,000 assessees include simple queries on whether or not they have filed their income tax returns as well as the details of the filing, Bose said.

"We have a whole lot of information with us. There is also information on the cash transaction ... Either you pay taxes or or else these letters would turn into notices," he said.

Bose further said the finance ministry is making all efforts to increasing the tax base as a low tax to GDP ratio is a matter of concern. In 2011-12, the tax to GDP ratio was 5.5 per cent for direct taxes and 4.4 per cent for indirect taxes.


Read more about: income tax
Story first published: Wednesday, March 6, 2013, 11:51 [IST]
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