<div>Taxpayers 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 5 March' 2013.</div><div> </div><div>Besides, the Finance Ministry is also making provisions for e-filing of Wealth Tax returns.</div><div> </div><div>"Income tax returns for the group above Rs 5 lakh, all such returns will be e-filed. 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.</div><div> </div><div>The government had last year introduced the system of e-filing of Income tax returns for assessees with annual income of Rs 10 lakh and above.</div><div> </div><div>Section 14 of the Wealth-tax Act provides for furnishing of return of net wealth as on the valuation date in the prescribed form.</div><div> </div><div>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 read with the provisions of Wealth-tax Rules.</div><div> </div><div>Sections 139C and 139D of the I-T Act contain provisions for facilitating filing of return of income in electronic form by certain class of income-tax assessees.</div><div> </div><div>"In order to facilitate electronic filing of annexure- less return of net wealth, it is proposed to insert new sections 14A and 14B in the Wealth-tax Act on similar lines...</div><div> </div><div>The amendments will take effect from June 1, 2013," said the Memorandum to the Finance Bill 2013.</div><div> </div><div>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.</div><div> </div><div>He said the tax department would be sending out second set of "polite letters" to 35,000 assessees.<br /><br />(PTI)</div>
