CBDT Relaxes Compulsory E-Filing of Return of Income for Assessment Year 2012-13 – for Representative Assessees of Non-Residents and in the Case of Private Discretionary Trusts
Rule 12 of the Income-tax Rules, 1962 mandates that an individual or Hindu undivided family, if his or its total income or the total income in respect of which he is or it is assessable under the Act, during the previous year, exceeds ten lakh rupees, shall furnish the return electronically for the assessment year 2012-13 and subsequent assessment years.
It has been brought to the notice of the Board that the agents of non-residents, within the meaning of section 160(1) (i) of the Income –tax Act, are facing difficulties in electronically furnishing the returns of non-residents. This is because there may be more than one agent of the non-resident in India for different transactions or a person in India may be an agent of more than one non-resident. Such situations are not covered by the existing e-filing software which functions on the principle of one assessee-one PAN-one return.
It has also been brought to the notice of the Board that ‘private discretionary trusts’ having total income exceeding ten lakh rupees are facing problems in filing their return of income electronically in cases where they are filing their return in the status of an individual. This is because status of a private discretionary trust has been held in law as that of an ‘individual’. The existing e-filing software does not accept the return of a private discretionary trust in the status of an ‘individual’.
Accordingly it has been decided by the Board that:
(i) it will not be mandatory for agents of non-residents, within the meaning of section 160(1) (i) of the Income –tax Act, if his or its total income exceeds ten lakh rupees, to electronically furnish the return of income of non-residents for assessment year 2012-13;
(ii) it will not be mandatory for ‘private discretionary trusts’, if its total income exceeds ten lakh rupees, to electronically furnish the return of income for assessment year 2012-13.
Related to Your Search:
- Income Tax Rates AY 2019-2020 – Income Tax Circular 2019
- Rates of Income-Tax for the financial year 2017-18
- CBDT notifies Income Tax Return Forms for Assessment Year 2018-19
- Income Tax Rates Assessment Year 2018-19, 2019-20
- Income tax reduced by 5% for Income upto Rs. 5 lakh: Budget 2017
- RATES OF INCOME-TAX AS PER FINANCE ACT, 2013
- Special IT Return Receipt Counters for Salaried Tax Payers With Income Upto Rs. Five Lakh
- INCOME-TAX DEDUCTION FROM SALARIES DURING THE FINANCIAL YEAR 2016-17 UNDER SECTION 192 OF THE INCOME-TAX ACT, 1961
- Inclusion of Interest Income in the Return of Income filed by Persons liable to Pay Tax