Tuesday 31 July 2012

[www.keralites.net] Relaxation from compulsory e-filing of tax return for assessment year 2012-13

 


Income tax department has made some relaxation in the rules of income tax. The relaxation comes with the e-filing of income tax return for the assessment year 2012-13. Income taxrule 12 says that either an individual or H.U.F, if the total income in the previous year exceeds ten lakh rupees, he needs to e-file the income tax return. But income tax made some relaxation to the representative of non resident and in case of private discretionary trusts. Income taxdepartment issue a press release which is as under.


PRESS RELEASE
Subject: Relaxation from compulsorye-filing of return of income for assessment year 2012-13 - for representative assesses of non-residents and in the case of private discretionary trusts -reg 
 
Rule 12 of the Income-tax Rules, 1962 mandates that an individual or Hindu undivided family, if his or its total income or the total income in respect of which he is or it is assessable under the Act, during the previous year, exceeds ten lakh rupees, shall furnish the return electronically for the assessment year 2012-13 and subsequent assessment years. 
 
2. It has been brought to the notice of the Board that the agents of non-residents, within the meaning of section 160(1) (i) of the Income –tax Act, are facing difficulties in electronically furnishing the returns of non-residents. This is because there may be more than one agent of the non-resident in India for different transactions or a person in India may be an agent of more than one non-resident. Such situations are not covered by the existing e-filingsoftware which functions on the principle of one assessee-one PAN-one return. 
   
3. It has also been brought to the notice of the Board that 'private discretionary trusts' having total income exceeding ten lakh rupees are facing problems in filing their return of income electronically in cases where they are filing their return in the status of an individual. This is because status of a private discretionary trust has been held in law as that of an 'individual'. The existing e-filing software does not accept the return of a private discretionary trust in the status of an 'individual'.  
 
4. Accordingly it has been decided by the Board that:  
(i)  it will not be mandatory for agents of non-residents, within the meaning of section 160(1) (i) of the Income –tax Act, if his or its total income  exceeds ten lakh rupees, to electronically furnish the return of income of non-residents for assessment year 2012-13; 
 
(ii)  it will not be mandatory for 'private discretionary trusts', if its total income exceeds ten lakh rupees, to electronically furnish the return of income for assessment year 2012-13.  
 
Best Regards
Prakash Nair

www.keralites.net

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[www.keralites.net] For everything U have missed ...........

 
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[www.keralites.net] Good Morning....

 

Fun & Info @ Keralites.net

Fun & Info @ Keralites.net

On the road, it is never the question of whose mistake, but it is the question of whose life! The responsibility of not hitting and not being hit, both are yours and yours alone. On the road, it you want to be alive YOU have to make the adjustments. Blaming makes no sense.

Similarly, in the road called life, In dealing with the traffic called relationships, It is not the question of whose mistake, But it is the question of whose life. In relationships too, if you want happiness YOU have to make the adjustments. Here too, blaming makes no sense.

 

Fun & Info @ Keralites.net

Fun & Info @ Keralites.net


Fun & Info @ Keralites.net

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Prince


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[www.keralites.net] Ramadhan Recipe:13 Toasted Garlic Bread

 

Toasted Garlic Bread
"Quick and scrumptious garlic bread that will complement any Italian meal. Melted mozzarella is optional, but delicious!"


Ingredients

  • 1 (1 pound) loaf Italian bread
  • 5 tablespoons butter, softened
  • 2 teaspoons extra virgin olive oil
  • 3 cloves garlic, crushed
  • 1 teaspoon dried oregano
  • salt and pepper to taste
  • 1 cup shredded mozzarella cheese

Directions

  1. Preheat the broiler.
  2. Cut the bread into slices 1 to 2 inches thick.
  3. In a small bowl, mix butter, olive oil, garlic, oregano, salt and pepper. Spread the mixture evenly on the bread slices.
  4. On a medium baking sheet, arrange the slices evenly and broil 5 minutes, or until slightly brown. Check frequently so they do not burn.
  5. Remove from broiler. Top with cheese and return to broiler 2 to 3 minutes, until cheese is slightly brown and melted. Serve at once.

Engr.Sulthan

www.keralites.net

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