E FILING MANDATORY WITH DIGITAL SIGNATURE INDIVIDUAL HUF FIRM 44AB AUDIT CASES

Now ITR e Filing with digital signature is mandatory for Individual,HUF and Firms also to whom Audit provision u/s 44AB is applicable.Income tax department has issued a notification 37/2011 dated 01.07.2011in this regard. After issuance of Notification Individual /Hindu undivided family assessees (covered under audit section 44AB)have to file ITR-4 and Firms (covered under audit section 44AB) have to file ITR-5  with digital signature.Companies are already directed to file returns through digital signature only.

Earlier(notification 49/2010) It was optional  for firms,individuals ,HUF  (covered under audit section 44AB) to file return through e filing mode with or without digital signature.

INCOME-TAX (SIXTH AMENDMENT) RULES, 2011 - AMENDMENT IN RULE 12

NOTIFICATION NO. 37/2011 [F. NO. 149/68/2011-SO (TPL)], DATED 1-7-2011


Read more: http://www.simpletaxindia.org/2011/07/itr-e-filing-digital-signature.html

 

 

exemption from filing I-T return for persons with income up to Rs 5 lakh

No.402/92/2006-MC (14 of 2011)

Government of India / Ministry of Finance

Department of Revenue

Central Board of Direct Taxes

***

New Delhi, dated the 23

rd June, 2011

PRESS RELEASE

The Central Board of Direct Taxes has notified the scheme exempting salaried

taxpayers with total income up to Rs.5 lakh from filing income tax return for assessment year

2011-12, which will be due on July 31, 2011.

Individuals having total income up to Rs.5,00,000 for FY 2010-11, after allowable

deductions, consisting of salary from a single employer and interest income from deposits in

a saving bank account up to Rs.10,000 are not required to file their income tax return. Such

individuals must report their Permanent Account Number (PAN) and the entire income from

bank interest to their employer, pay the entire tax by way of deduction of tax at source, and

obtain a certificate of tax deduction in Form No.16.

Persons receiving salary from more than one employer, having income from sources

other than salary and interest income from a savings bank account, or having refund claims

shall not be covered under the scheme.

The scheme shall also not be applicable in cases wherein notices are issued for filing

the income tax return under section 142(1) or section 148 or section 153A or section 153C of

the Income Tax Act 1961.

**

source : http://www.incometaxindia.gov.in/home.asp

Form 16A downloaded from TIN -mandated

Corporates and banks mandated to issue Form 16A downloaded from TIN central system

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CBDT has issued a Circular No. 03/2011 dated May 13, 2011as per which TDS Certificates in Form No. 16A will be generated from Tax Information Network (TIN). It is mandatory for Companies and Banks to issue Form 16A from TIN to their deductees for deductions made from April 1, 2011 (F.Y. 2011-12 onwards). Taxpayers are advised to insist on Form 16A (quarterly TDS certificate) that has been downloaded by the Deductors from TIN Central System only.

 

 

Source : http://www.incometaxindia.gov.in/home.asp