CA Sandeep Kanoi

CBDT has vide Notification No. 24/2014 dated 01.04.2014 amended rule 12 of Income Tax Rules 1962. Prior to amendment of Rule 12 and upto A.Y. 2013-14 All Political Parties were allowed to Furnish ITR 7 in any of the following mode :-

(i)           furnishing the return in a paper form;

(ii)          furnishing the return electronically under digital signature;

(iii)         transmitting the data in the return electronically and thereafter submitting the verification of the return in Form ITR-V;

But with amendment in Rule 12 w.e.f. A.Y. 2014-15 Political Parties can File ITR 7 only electronically under digital signature.

Relevant Extract of Rule 12 of Income Tax Rules 1962

(3) The return of income referred to in sub-rule (1) may be furnished in any of the following manners, namely:—

(i)           furnishing the return in a paper form;

(ii)          furnishing the return electronically under digital signature;

(iii)         transmitting the data in the return electronically and thereafter submitting the verification of the return in Form ITR-V;

(iv)         furnishing a bar-coded return in a paper form:

(b)            a person required to furnish the return in Form ITR-7 shall furnish the return for assessment year 2014-15 and subsequent assessment years,-

    (A) in case it is furnished under sub-section (4B) of section 139, in the manner specified in clause (ii);

    (B) in other cases, in the manner specified in clause (i) or clause (ii) or clause (iii)

Relevant Extract of Section 139(4B)

Section 139 (4B)The chief executive officer (whether such chief executive officer is known as Secretary or by any other designation) of every political party shall, if the total income in respect of which the political party is assessable (the total income for this purpose being computed under this Act without giving effect to the provisions of section 13A) exceeds the maximum amount which is not chargeable to income-tax, furnish a return of such income of the previous year in the prescribed form and verified in the prescribed manner and setting forth such other particulars as may be prescribed and all the provisions of this Act, shall, so far as may be, apply as if it were a return required to be furnished under sub-section (1).]

Related Posts :-

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  2. Rule 12 of Income Tax Rules wef 01.04.2014 related to Filing of Audit Reports & ITR

  3. All Partnership Firms to file ITR 5 Form Electronically w.e.f. A.Y. 2014-15

  4. Trusts to give notice for accumulation of Income (From 10) electronically from A.Y. 2014-15

  5. Political Parties to File ITR-7 electronically under digital signature wef A.Y. 2014-15

 

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