Thursday, August 9, 2012

Assessment year 2012-13 E-filing for I-T returns extended to Aug 31


While extending the due date of filing of returns of income for the assessment year 2012-13 from July 31 to August 31, the Income Tax department on Tuesday relaxed norms for e-filing of returns for NRIs and trusts whose income exceeds Rs 10 lakh annually.

The decision to extend the due date for filing of returns has been taken "on consideration of the reports of disturbance of general life caused due to failure of power and further in consideration of the fact that the e-filing of returns for a specified category of individuals and Hindu Undivided Family (HUF) has been made mandatory," a press note from the Central Board of Direct Taxes (CBDT) said.

Relaxing norms for NRIs and trusts, the CBDT said it will not be mandatory for "private discretionary trusts" and NRIs, if his or its total income exceeds Rs 10 lakh, to electronically furnish the return of income for assessment year 2012-13.

Earlier, the CBDT had made it mandatory for an individual or HUF, if his or its total income during the previous year exceeds Rs 10 lakh, to furnish the return electronically for the assessment year 2012-13 and subsequent assessment years.

However, it was brought to the notice of the Board that the agents of non-residents were facing difficulties in electronically furnishing the returns of NRIs because there may be more than one agent of his in India for various transactions or a person in India may be an agent of more than one NRI. Such situations were not covered by the existing e-filing software which functions on the principle of one assessee-one PAN-one return.

It was also brought to the notice of the Board that private discretionary trusts were facing problems in filing their returns of income electronically in cases where they are submitting their details as individual. This is because status of a private discretionary trust has been held in law as that of an individual.

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