All Partnership Firms to file ITR 5 Form Electronically w.e.f. A.Y. 2014-15 as per rule 12

Partnership Firms to whom provisions of section 44AB are applicable were required to furnish the return of income for assessment year 2011-12 and subsequent assessment years electronically under digital signature but the Partnership  firms to whom Provisions of section 44AB were not applicable they were allowed to furnish the ITR-5 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;

 Rule 12 of Income Tax Rules1962 vide Notification No. 24/2014 dated01.04.2014 has been amended and therefore Return Filing Provisions as applicable from A.Y. 2014-15 in respect of ITR-5  are as follows :-

1.      Partnership Firm who are required to get Audited Under Section 44AB can file ITR 5:-

(i) return only electronically under digital signature.

2.      Partnership Firm who are not required to get Audited Under Section 44AB can sumit the return in any of the following mode :-

(i)          furnishing the return electronically under digital signature;

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

Revised Rule 12 is as follows :-

(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 theverification of the return in Form ITR-V;

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

Provided that—

 (aaa)      a firm required to furnish the return in Form ITR-5 or an individual or Hindu Undivided Family (HUF) required to furnish the return in Form ITR-4 and to whom provisions of section 44AB are applicable, shall furnish the return for assessment year 2011-12 and subsequentassessment years in the manner specified in clause (ii);

 (aab) ………….

(aac) a person required to furnish the return in Form ITR-5, other than a firm to which clause (aaa) is applicable, shall furnish the return for the assessment year 2014-15 and subsequent assessment years in the manner specified in clause (ii) or clause (iii);