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Manner of filing Income Tax Return (ITR)

Upto 31st March 2015 every person filing e-return without Digital Signature(DSC) is required to send  ITR-V after signing to CPC Bangalore. In order to reduce the paper work and burden on the assessee the income tax department has introduced verification of e-return through electronic mode from 1st April, 2015.

From 1st April, 2015 following persons are mandatorily required to file income tax return through Digital Signature Certificate (DSC):-

  1. Individual or HUF whose accounts are required to be audited under section 44AB of the Act.
  2. All company whether public or private, domestic or foreign.
  3. A political party who required to furnish return in ITR-7.
  4. Firm or LLP or any person whose accounts are required to be audited under section 44AB of the Act.

All persons other than mentioned above can submit return in any of the following manner

  1. Electronically under digital signature
  2. Transmitting the data in the return electronically under electronic verification code
  3. Transmitting the data in the return electronically and thereafter submitting the verification of the return in Form ITR-V

However an individual or HUF who doesn’t fall in any of the following category can file return also in paper form

  1. Accounts are required to be audited under section 44AB of the Act
  2. the return is furnished in Form No. ITR-3 or Form No. ITR-4
  3. the person, being a resident, other than not ordinarily resident within the meaning of subsection (6) of section 6, has,
    • assets (including financial interest in any entity) located outside India; or
    • signing authority in any account located outside India; or
    • income from any source outside India
  1. any relief, in respect of tax paid outside India, under section 90 or 90A or deduction of tax under section 91 is claimed
  2. total income assessable under the Act during the previous year of the person (other than the person, being an individual of the age of 80 years or more at any time during the previous year and furnishing the return in Form ITR-1 or ITR-2),- (i) exceeds five lakh rupees; or (ii) any refund is claimed in the return of income.

 

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