Latest Expert Exchange Queries

Make your inventory and invoicing software GST Ready from Binarysoft info@binarysoft.com
sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
 
 
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Service Tax | Sales Tax | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Indirect Tax | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing
 
 
 
 
Popular Search: VAT RATES :: ACCOUNTING STANDARD :: TDS :: form 3cd :: TAX RATES - GOODS TAXABLE @ 4% :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: ARTICLES ON INPUT TAX CREDIT IN VAT :: Central Excise rule to resale the machines to a new company :: empanelment :: due date for vat payment :: cpt :: articles on VAT and GST in India :: VAT Audit :: list of goods taxed at 4% :: ACCOUNTING STANDARDS
 
 
« Latest Circulars »
 RBI to conduct 7 day Variable Rate Reverse Repo Auction under LAF on July 24, 2017
 Results of Underwriting Auctions Conducted on July 20, 2017
 Master Circular – Detection and Impounding of Counterfeit Notes
 Monitoring of Foreign Investment under PIS in Indian Companies – M/s The Byke Hospitality Limited - 1. Increase in FIIs/FPIs Investment limit under Portfolio Investment Scheme from 24% to 40% Removal from the FIIs/ FPIs Caution List
 RBI's Monthly Bulletin for July 2017
 Financial Action Task Force (FATF) Public Statement dated June 23, 2017
 All-India House Price Index (HPI) recorded marginal increase in Q4:2016-17
 Auction of Government of India Dated Securities July 17, 2017
 RBI-Interest rates for Small Savings Schemes
 Priority Sector Lending – Status, Issues and Future Agenda (Shri S S Mundra, Deputy Governor - June 27, 2017 - at the ”Conference on Credit flow to Priority Sector – Policy and Implementation” held at College of Agricultural Banking, Pune1)
 Audit Committee of the Board of Directors – Nomination of Non-Executive Chairman

Relaxation from compulsory e-filing of return of income for assessment year 2012-13.
September, 01st 2012

PRESS RELEASE




Subject: Relaxation from compulsory e-filing of return of income for assessment year 2012-
         13 - for representative assesses of non-residents and in the case of private
         discretionary trusts -reg


       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.


2. 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.


3. 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'.


4. 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.


                                              ******

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Web Application Development Web based Software Solution Web Application Deployment Web Application Solutions Web Application Software Development Web Application Deployment Web Application Programming Web Application Design and Development

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions