Digital signature mandatory for company IT returns

All companies are now required to file their income tax returns electronically in Form ITR-6, with digital signature, according to the Central Board of Direct Taxes' (CBDT) order.

The digital signature was earlier not mandatory and companies could file their electronic returns with our without it.

According to an official statement, this comes with the amendment of rules related to electronic filing of I-T returns through a notification (No 49/2010) dated 9 July 2010. ''The amended rules will apply with effect from the date of notification in the official gazette,'' the CBDT said.

Also expanding the ambit of electronic filing of returns to include individuals and Hindu Undivided Family (HUF) the CBDT has made it mandatory for assesses under these categories to get their accounts audited under the income-tax law. Such assesses can file their returns electronically (in form No. ITR-4) with or without digital signature. The condition was earlier applicable to only to companies and partnership firms.

According to the CBDT, accounts would be required to be audited under the law if turnover or gross receipts from business exceeds Rs40 lakh (Rs60 lakh from assessment year 2011-12 onwards), or if turnover or gross receipts from profession exceeds Rs10 lakh (Rs15 lakh from assessment year 2011-12 onwards), the CBDT said.