PRESS RELEASE
INCOME-TAX ACT
PRESS RELEASE NO. 402/92/2006 – MC (35 OF 2010), DATED 12-7-2010
The Central Board of Direct Taxes (CBDT) has amended the Rules relating to electronic filing of income tax returns vide Notification No.49/2010 dated 9th July 2010. The amended Rules will apply with effect from the date of notification in the official gazette.
As per the amended Rules, it is now mandatory for all companies to file income tax return electronically in Form No.ITR-6 with digital signature. Earlier, companies could file their electronic returns with or without digital signature.
Further, now all individuals and Hindu Undivided Families (HUFs), who are required to get their accounts audited under section 44AB of the Income Tax Act 1961, are also required to file their income tax return in Form No.ITR-4 electronically with or without digital signature. Earlier, this condition was applicable only to companies and partnership firms.
Accounts are required to be audited under the income tax law, if turnover or gross receipts from business exceeds Rs.40 lakh (Rs.60 lakh from assessment year 2011-12 onwards), or if turnover or gross receipts from profession exceeds Rs.10 lakh (Rs.15 lakh from assessment year 2011-12 onwards).
Spend some money for Financial news papers on daily basis . It cost may Rs.300/- per month. Daily Rs 10/ . Get some idea. Read Institute guidelines. professional updates hosted in the internet . Try to go through the updates on daily basis if not 4/5 times in a week at least average one hour per sitting , not the contents in a diary , will help you a lot. why this portal are being hosted ? Are they taking money from you and /or giving ill advise ? Knowledge is power. No matter whether money is coming or not. How beggars are passing their days.
Update yourselves. Take the challenge, perform it , do not look back for money as a professional. Money will automatically come . try to satisfy as per your need.
CA. subhash Chandra Podder
14/12/2011
Read care fully all the related books and notifications of the departments . consult with appropriate authority then take decision whether you are really expert or not . if not leave it.
CA. Subhash Chandra Podder
14/12/2011
From which A.Y this provision will be applicable?
Can a lawyer use his digital signature to e-file the company,individual and Huf’s return on behalf of them?
Is digital signature compulsory for partnership firms?