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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
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| Country: |
India |
| Created: |
Jul 18, 2010 |
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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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India: Companies' E-Returns to Have Digital Signature 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
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