Income Tax Rules Amended - New Forms Prescribed -Mandatory E-filing

By Vijay Kumar

THE CBDT has amended the Income-tax Rules, 1962 with effect from 1.4.2014. As per the existing Rule 12(3) of the Income Tax Rules, the return of income may be furnished in any of the following manners, namely:

(i) furnishing the return in a paper form;

(ii) furnishing the return electronically under digital signature;

(iii) transmitting the data in the return electronically and thereafter submitting the verification of the return in Form ITR-V;

(iv) furnishing a bar-coded return in a paper form:

Now, the first Proviso to this Rule is amended to stipulate that a person required to furnish the return in Form ITR-5, should furnish the return for the assessment year 2014-15 and subsequent assessment years in the manner specified in clause (ii) or clause (iii) that is electronically with or without digital signature.

Even ITR-7 has to be furnished electronically.

New Forms ITR-1, ITR-2, ITR-4 and ITR-V are prescribed substituting the existing forms.

CBDT Notification No. 24/2014, Dated: April 1, 2014