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India: Companies' E-Returns to Have Digital Signature
Source: egovonline.net
Source Date: Tuesday, July 13, 2010
Focus: ICT for MDGs, Internet Governance
Country: India
Created: Jul 18, 2010

Digital signatures will now be mandatory for all the electronically filed income-tax returns of companies, according to the Central Board of Direct Taxes (CBDT)

Currently, companies have to file their returns only in the electronic format, no paper returns are accepted by the Tax Department. This regime has been in place since the assessment year 2007-08.

Simply put, companies cannot henceforth electronically file their returns without digital signatures. Before this move, companies could file their electronic returns with or without digital signatures.

Accounts are required to be audited under the income-tax law, if turnover or gross receipts from business exceeds Rs 40 lakh (Rs 60 lakh from assessment year 2011-12 onwards) or if turnover or gross receipts from profession exceeds Rs 10 lakh (Rs 15 lakh from assessment year 2011-12 onwards).
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