Posts Tagged ‘Income Tax Return (ITR)’

Notification No. 01/2013 under CPR Scheme 2011, F. No. DIT(S)-III/ITR-V Extension/ 2012-13, dated 07.01.2013.

In exercise of its powers under clause (ii) of Para 14 read with clause (7) of Para 4 of the ‘Centralized Processing of Returns Scheme, 2011’, issued vide CBDT Notification No. SO 16(E), dated 04.01.2012, the Director General of Income Tax (System) hereby extends the time limit for filing ITR-V forms relating to Income Tax Returns filed electronically (without digital signature Certificate) for A.Y. 2010-11 [Filed during F.Y. 2011-12] and for ITRs of A.Y. 2011-12 [filed on or after 01.04.2011] till 28th February, 2013. In respect of returns filed for A.Y. 2012-13 for which ITR-V forms are yet to be received at CPC and time of 120 days has also elapsed, time limit for filing of ITR-V is extended upto 31st March, 2013 or 120 days from the date of uploading of the electronic return data, whichever is later.

This direction is issued to mitigate the hardship and grievance of the tax payers who have been prevented by reasonable causes to file the ITR-V in time.

Source: Income Tax Department- India.

1) The Income Tax Act has placed an obligation on Taxpayer to file the Income Tax Return if the Gross Total Income of Taxpayer is more than maximum exempt limit, even if Taxpayer has no tax due.

2) As per Income Tax Act, for AY12-13, the maximum exemption limits are:

  • Rs. 1.80 lacs for Men below the age of 60,
  • Rs. 1.90 lacs for Women, below the age of 60,
  • Rs. 2.50 lacs for Senior Citizens, whose age is between 60 years to 80 years,
  • Rs. 5.00 lacs for Super Senior Citizens, of the age of 80 years or more,

 3) e-filing is compulsory for the A.Y. 2012-13 onwards, for an individual or a Hindu Undivided Family if the total income exceeded Rs. 10 lakh. However, digital signature is not mandatory. Taxpayers, can also transmit the data in the return electronically, and thereafter submit verification of the return in Form ITR-V.

4) Filing of Income Tax returns electronically under Digital Signature is mandatory for all company required to furnish the return in Form ITR-6 or for a firm, an individual or HUF, whose accounts are required to be audited.

5) Now ITR e-Filing with Digital Signature is mandatory for Individual, HUF and Firms also to whom Audit provision u/s 44AB is applicable.

6) For the Assessment 2012-13, it is mandatory to file your Income Tax Return if Taxpayer has any foreign assets Even though taxpayer may not have any taxable Income.

7) The processing of e-filed Income Tax return is faster, and taxpayers get their refunds, if due, quickly.

8) Do not forget to send you Income Tax Verification form (ITR-V) to Income Tax Department-CPC, Post Bag No. 1, Electronic City Post office, Bengaluru, 560010 by post, if you have filed your Income Tax return electronically.

9) Filing of ITR-V is necessary for e-Return filed without Digital Signature.

10) Please visit ITR-V Receipt status on to check receipt status for your ITR-V at CPC. If not received at CPC, then login to e-filing website, go to My Account – My Returns and download ITR-V, Print it, Sign it and Post it to CPC, Bengaluru by Post.

11) The due date for submission of ITR-V is 120 days from the date of upload of e-return. Otherwise, e-return uploaded will not be treated as return filed.


A salaried employee is not required to file Income Tax Return for A.Y. 2012-13 provided all the following conditions are met:-

  • He has earned only Salary and Income from Saving Bank Account and the annual interest earned from SB A/c is less than Rs. 10,000/-.
  • His Total Income does not exceed Rs. 5 lacs (Total Income means Gross Total Income less Deductions under Chapter VIA).
  • He has reported his PAN and interest on Saving Bank Account to his employer.
  • He has received Form-16 from his employer and his TDS has been deposited with Central Govt.
  • He has received salary only form One Employer and has No Refund claim
  • He has not received any notice from Income Tax Department for filing of Income Tax Returns.


Press Release [No. 402/92/2006-MC (20 of 2012)], dated 01.08.2012

A section of Media has reported that the Central Board of Direct Taxes has extended ‘due date’ of filing of returns to 31st August, 2012 in respect of only those returns which were to be e-filed by 31st July, 2012. It is clarified that the notification issued by the Board on 31st July, 2012 has extended the ‘due date’ of filing of all returns for the Assessment Year 2012-13 which were due to be filed by 31st July, 2012 to 31st August, 2012.

Source: Income Tax Department- India.




Section 119 of the Income Tax Act, 1961- Income Tax Authorities- Instructions to Subordinate Authorities- Order Extending Due Date for Filing Income Tax Returns for AY 2012-13

ORDER [F. NO. 225/163/2012/ITA.II], Dated 31.07.2012

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 HUF has been made mandatory, the Central Board of Direct Taxes, in exercise of powers conferred under section 119 of the Income-tax Act, 1961, hereby extends the ‘due date’ of filing of returns of income for the assessment year 2012-13 to 31st August 2012 in respect of assessees who are liable to file such returns by 31st July 2012 as per provisions of section 139 of Income-tax Act, 1961.

Source: Income Tax Department- India.




Income-tax (Eighth Amendment) Rules, 2012 – Substitution of Form ITR-7

NOTIFICATION No. 29/2012 [F.NO. 142/31/2011-TPL]/SO 1705(E), Dated 26.07.2012

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 (8th Amendment) Rules, 2012.

    (2) They shall come into force from the date of its publication in the Official Gazette.

2. In the Income-tax Rules, 1962, in Appendix-II, for Form ITR-7, the following Form shall be substituted, namely:-




Click here to view the complete text of the above Notification- Notification no. 29/2012, dated 26.07.2012.

Source: Income Tax Department- India.