The process of electronically filing Income tax returns through the internet is known as e-Filing. e-Filing of Returns/Forms is mandatory for :
- Any assessee having total income of 5 Lakhs and above for from AY 2013-14 and subsequent Assessment Years.
- Individual/ HUF, being resident, having assets located outside India from AY 2012-13 and subsequent Assessment Years.
- An assessee required to furnish a report of audit specified under sections 10(23C)(iv), 10(23C)(v),10(23C)(vi) ,10(23C)(via) , 10A, 12A(1)(b), 44AB, 80-IA, 80-IB, 80-IC, 80-ID, 80JJAA, 80LA, 92E or 115JB of the Act, shall furnish the said report of audit and the return of Income electronically from AY 2013-14 and subsequent Assessment Years.
- An assessee required to give a notice under Section 11(2)(a) to the Assessing Officer from AY 2014-15 and subsequent Assessment Years.
- All companies.
- Firm (to whom provisions of section 44AB is not applicable), AOP, BOI, Artificial Juridical Person , Co-operative Society and Local Authority required to file ITR 5 from AY 2014-15 and subsequent Assessment Years.
- An assessee required to furnish return u/s 139 (4B) in ITR 7.
- A resident who has signing authority in any account located outside India.
- A person who claims relief under sections 90 or 90A or deduction under section 91.
Types of E-filing
There are three ways to file Income Tax Returns electronically:
Option 1 : Use Digital Signature Certificate (DSC) to e-File. There is no further action needed, if filed with a DSC.
Option 2 : e-File without Digital Signature Certificate. In this case an ITR-V Form is generated. The Form should be printed, signed and submitted to CPC, Bangalore using Ordinary Post or Speed Post ONLY within 120 days from the date of e-Filing. There is no further action needed, if ITR-V Form is submitted.
Option 3 : e-File the Income Tax Return through an e-Return Intermediary (ERI) with or without Digital Signature Certificate (DSC).