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August 2010

Mandatory digitally signed e-return for companies — Notification No. 49/2010, dated 9-7-2010.

By Pinky Shah, Sonalee Godbole, Gaurang Gandhi, Tarun Ghia, Brijesh Cholera, Pratik Mehta | Chartered Accountants
Sejal Vasa | Company Secretary
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Part A : Direct Taxes

68 Mandatory digitally signed e-return for companies — Notification No. 49/2010, dated 9-7-2010.

The CBDT vide Income-tax (Seventh Amendment) Rules, 2010 has amended Rule 12 which prescribes the manner of filing the income-tax return for A.Y. 2010-2011. It is now provided that companies need to file their income-tax e-return digitally signed and hence the process of filing an e-return without digital signature and sending the acknow-ledgement in Form ITR V has been done away with. Further individuals and HUFs liable to tax audit u/s.44AB of the Act are now mandatorily required to need to file the returns electronically with or without digital signature. The Rule does not change for the firms subjected to tax audit.

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