This year onwards government has made it mandatory eFiling for those taxpayers whose income exceed Rs. 5 lakhs. Last year in August, the Central Board of Direct Taxes (CBDT) made it mandatory for all individuals and Hindu undivided family (HUF) having annual income of more than Rs 10 lakh to file their returns electronically for which digital signatures are not necessary.
You can eFile without digital signature, in which case ITR-V form has to be physically signed & filed with the department’s Bengaluru office. If you do not know, ITR-V is a single page receipt cum verification form that is sent to the assessee (taxpayer) via an e-mail from IT department.
eFiling minimises the interface between Assessing Officer and Assessee. As such, e-filing of returns under digital signatures is already mandatory for any company required to furnish return, or for an individual or HUF whose annual income is Rs 40 lakh and above and required to furnish the return in Form ITR-4 to the IT department.
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.