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Clarification on the matters connected with the new income tax |
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Written by P.T. GOVINDARAJAN
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Sunday, 26 July 2009 14:18 |
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The Central Board of Direct Taxes (“CBDT”) has issued Circular No. 3/2009 dated 21st May 2009 containing clarifications in connection with the new forms for the return of income for the assessment year 2009-10 which were notified by CBDT vide Notification No. 866(E) dated 27 March 2009. These are briefly described in the subsequent paragraphs.
Furnishing of return electronically - It is mandatory for a company and a firm liable to tax audit under section 44AB of the Income-tax Act, 1961 (‘ITA’) to furnish the return electronically.
- Electronic filing is optional for other categories of tax-payers. However, filing of returns by charitable / religious trusts, political parties and other non-profit entities is to be in paper form only.
- The returns shall not be accompanied by any attachments/annexures like computation of income, financial statements, proofs for tax payments. Such documents will have to be produced only when demanded by the assessing officer.
- It is advisable, though not mandatory, to use a digital signature for electronically furnishing the return.
- If the return is electronically furnished under a digital signature or through an E Return Intermediary (ERI), the assessee is not required to furnish Form ITR-V with the Income-tax Department (“ITD”) as verification of the electronic filing of the return. In such a case, the date of electronic transmission of the data shall be the date of furnishing the return.
- If the return is electronically furnished without a digital signature, the assessee is required to submit Form ITR-V with the ITD as verification of the electronic filing of the return. In such a case, the date of transmitting the data electronically will be the date of furnishing the return if Form ITR-V is furnished within thirty days after the date of transmitting the data electronically.
- In case where Form ITR-V is filed after thirty days, it will be deemed that the return was never furnished and it shall be incumbent on the assessee to electronically re-transmit the data and follow it up by submitting the new Form ITR-V within thirty days.
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