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May 2014

New tax returns forms notified – Notification no- 24/2014 [S.O. 997(E) dated 1 April, 2014 – Income tax (Fourth amendment) Rules, 2014

By Pinky Shah, Sonalee Godbole, Chartered Accountants
Reading Time 1 mins
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New forms SAHAJ (ITR-1), ITR-2, SUGAM (ITR-4S) and ITR-V” have been notified. Further Rule 12 has been amended with effect from 1st April, 2014 and provides as under :

a) Every partnership firm is required to file its return of income for A.Y. 2014-15 and in subsequent years electronically.

b) Every political party (if its income exceeds the maximum amount not chargeable to tax) is required to file its return of income for A.Y. 2014-15 and in subsequent years electronically.

c) Every Charitable officer by filing form 10. It is now provided that Form 10 is required to be filed electronically.

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