CBDT announces new returns form of assessment for Income Tax for 2014

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CBDT

The Central Board for Direct Taxes (CBDT), part of the Department of Revenue- Ministry of Finance, has announced nc of the year 2014-15. The CBDT is not only responsible for policy and inputs for planning direct taxes in the country but it also looks after the administration of direct tax laws throughout the Income Tax Department.

The Central Board of Direct Taxes is a statutory authority functioning under the Central Board of Revenue Act, 1963. The officials of the Board in their ex-officio capacity also function as a Division of the Ministry dealing with matters relating to levy and collection of direct taxes.

The change has been made changes in rule 12 of the Income Tax Rules 2014. This is the fourth amendment in the rules which will be applicable April 01, 2014 onwards, so as to provide for the following:

1. A person required to give notice of accumulation under section 11(2)(a) shall furnish return electronically.

2. A person required to furnish the return in Form ITR-5, other than a firm required to furnish the return in Form ITR-5 and to whom provisions of section 44AB are applicable, shall furnish the return for the assessment year 2014-15 and subsequent assessment years either electronically under digital signature or by transmitting the data in the return electronically and thereafter submitting the verification of the return in Form ITR-V

3. A person required to furnish the return in Form ITR-7 shall furnish the return for assessment year 2014-15 and subsequent assessment years,-

in case it is furnished under sub-section (4B) of section 139 electronically under digital signature,;

in other cases, either in the paper form or electronically under digital signature or by transmitting the data in the return electronically and thereafter submitting the verification of the return in Form ITR-V

Income tax (Fourth Amendment) rules, 2014- Amendment in rule 12 and substitution of forms SAHAJ (ITR-1), ITR-2, SUGAM (ITR-4S) AND ITR-V

Notification No. 24/2014 [F.NO.142/2/2014-TPL]/SO 997(E), Dated 1-4-2014

 In exercise of the powers conferred by section 295 of the 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. (1) These rules may be called the Income-tax (4th Amendment) Rules, 2014.

(2) They shall come into force with effect from the 1st day of April, 2014.

2. In the Income-tax Rules, 1962 (hereinafter referred to as the said rules), in rule 12,—

(a) in sub-rule (1), for the figures “2013”, the figures “2014” shall be substituted;

(b) in sub-rule(2), in the proviso after the words and figures “section 115JB” the words “or to give a notice under clause (a) of sub-section (2) of section 11” shall be inserted;

(c) in sub-rule (3), in the first proviso,—

(A) after clause (aab), the following clause shall be inserted, namely:—

“(aac) a person required to furnish the return in Form ITR-5, other than a firm to which clause (aaa) is applicable, shall furnish the return for the assessment year 2014-15 and subsequent assessment years in the manner specified in clause (ii) or clause (iii);”;

(B) for clause (b), the following clause shall be substituted, namely:—

“(b) a person required to furnish the return in Form ITR-7 shall furnish the return for assessment year 2014-15 and subsequent assessment years,—

(A) in case it is furnished under sub-section (4B) of section 139, in the manner specified in clause (ii);

(B) in other cases, in the manner specified in clause (i) or clause (ii) or clause (iii):”;

(d) in sub-rule (4), after the words, “report of audit”, the words “or notice” shall be inserted;

(e) in sub-rule (5), for the figures “2012”, the figures “2013” shall be substituted.

3. In the said rules, in Appendix-II, for “Forms SAHAJ (ITR-1), ITR-2, SUGAM (ITR-4S) and ITR-V” the “Forms SAHAJ (ITR-1), ITR-2, SUGAM (ITR-4S) and ITR-V” shall be respectively substituted as follows:—