1. Assessment Year for which this Return Form is applicable
This Return Form is applicable for assessment year 2012-2013 only, i.e., it relates to income earned in Financial Year 2011-12.
2. Who can use this Return Form
This Form can be used a person being a firm, LLPs, AOP, BOI, artificial juridical person referred to in section 2(31)(vii), cooperative society and local authority. However, a person who is required to file the return of income under section 139(4A) or 139(4B) or 139(4C) or 139(4D) shall not use this form.
3. Annexure-less Return Form
No document (including TDS certificate) should be attached to this Return Form. All such documents enclosed with this Return Form will be detached and returned to the person filing the return.
4. Manner of filing this Return Form
This Return Form can be filed with the Income Tax Department in any of the following ways, –
(i) by furnishing the return in a paper form;
(ii) by furnishing the return electronically under digital signature;
(iii) by transmitting the data in the return electronically and thereafter submitting the verification of the return in Return Form ITR-V;
(iv) by furnishing a Bar-coded return.
However, a firm whose accounts are liable to audit under section 44AB shall compulsorily furnish the return in the manner mentioned at (ii) above. Where the Return Form is furnished in the manner mentioned at 5(iii), the assessee should print out two copies of Form ITR-V. One copy of ITR-V, duly signed by the assessee, has to be sent by ordinary post to Post Bag No. 1, Electronic City Office, Bangaluru–560100 (Karnataka). The other copy may be retained by the assessee for his record.
5. Filling out the acknowledgement
Only one copy of this Return Form is required to be filed. Where the Return Form is furnished in the manner mentioned at 5(i) or at 5(iv), the acknowledgement slip attached with this Return Form should be duly filled.
6. Obligation to file return of income
(a) Every firm, AOP, BOI and artificial juridical person has to furnish the return of his income if his total income before allowing deductions under section 10A or section 10B or section 10BA or Chapter VI-A (i.e., if his gross total income referred to in item 9 of Part B-TI as increased by item 6 of Schedule 10A, item f of Schedule 10A and item f of Schedule 10A of this Form) exceeds the maximum amount which is not chargeable to income tax (Rs. 1,80,000/- in case of AOP, BOI and artificial juridical person, Rs. 10,000/- in case of a cooperative society, during the financial year 2011-12.
(b) Every firm shall furnish the return of income whether it has income or loss during the year.
(c) The deduction under sections 10A, 10B, 80-IA, 80-IAB, 80-IB, 80-IC, 80-ID and 80-IE shall not be allowed unless the return has been filed on or before the due date.
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