Changes in Tax Returns filing norms

W.E.F. from F.Y. 2012-13, following persons have to file returns electronically: (Vide Notification No. 34/2013, dated 01.05.2013)

1. Every person (not being a company or person filing ITR 7) if Total Income is above Rs. 5 lacs.

2. Resident Individual/ HUF, when:

a. it has assets(including financial interest in any entity) outside India or signing authority in any account is located outside India

b. and is filing in ITR 2, ITR 3, ITR 4

3. Every person claiming tax relief u/s 90,90A or 91

4. Those required to file audit reports u/s 44AB

5. Every Firm furnishing return in ITR 5 or an Individual/ HUF furnishing return in ITR 4 to whom 44AB is applicable

6. Every company filing ITR 6

Vide Notification No. 34/2013, dated 01.05.2013, Online filing of audit reports has been made mandatory for:

1. Tax Audit report u/s 44AB for books of accounts

2. Audit report u/s 92E for international transactions

3. Audit report u/s 115JB for MAT transactions.

For your reference, norms for Digital signature are also mentioned below: (No changes in these norms have been made)

1. E-filing with digital signature is mandatory for those with business income of Rs 1 crore or more and professionals with income of Rs 25 lakh or more. i.e. Those individuals and Hindu Undivided Families whose accounts have to be audited under Section 44AB of the Income Tax Act have to e-file with digital signature.

2. For companies, e-filing with digital signature is mandatory.

PRIYANKA SRIVASTAVA, ACA

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