Income Tax Rule has been amended by notificationno 49/2010 to compel two new classes of tax payers to file income tax return compulsorily online only. These are – Individuals or HUF having turnover exceeding Rs 40 Lakhs (4 million ) or if the individuals or firm is having professional income , then turnover is exceeding Rs 10 lalks .
In other words , those individuals or HUF which falls under the provision u/s 44AB i.e compulsorily audit of accounts during FY 2009-10 ( Asst year 2010-11 ) shall have to file the return online only.
Further , companies which were filing return without digital signature, will have to necessarily get digital signature and file the digitally signed return only. For them, the process of filing ITR-V is abolished.
For others , the process of non-digitally signed return exists.
Read the notification below
Notification No. 49/2010[F.No.142/15/2010-TPL] Dated 9-7-2010
In exercise of the powers conferred by section 295 read with section 139 of Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following rules further to amend the Income-tax Rules, 1962, namely : -
(1) These rules may be called the Income-tax (7th Amendment) Rules, 2010.
(2) They shall come into force from the date of their publication in the Official Gazette.
In the Income-tax Rules 1962, in rule 12, in sub-rule (3), in the proviso, for clause (a), the following clauses shall be substituted, namely :-
“(a) a firm required to furnish the return in Form ITR-5 and to whom provisions of section 44AB are applicable shall furnish the return in the manner specified in clause (ii) or clause (iii);
(aa) an individual or HUF required to furnish the return in Form ITR-4 and to whom provisions of section 44AB are applicable shall furnish the return for Assessment Year 2010-11 and subsequent Assessment Years in the manner specified in clause (ii) or clause (iii);
(ab) a company required to furnish the return in Form ITR-6 shall furnish the return for Assessment Year 2010-11 and subsequent Assessment Years in the manner specified in clause (ii)’
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