Partnership Firms to File Tax Returns Online from FY 2013-14 ( AY 2014-15), as amended by  by the CBDT. The Central Board of Duties and Taxes has amended Rule 12 of the IT Rules with respect to filing of ITR by partnerships firms and furnishing of Audit Report u/s 11(2)(a) by trusts for accumulation of Income.  As per the recent amendment, the filing provisions for partnership firms are as follows:

1. Partnership firms who are liable to the provisions of audit u/s 44AB can file ITR 5 return only electronically under digital signature.
2. Partnership firms who are not liable to the provisions of audit u/s 44AB shall sum it in the return in either of the following manner:

• Furnishing return electronically under digital signature
• Transmitting data in the return electronically and thereafter submitting the verification of the form in Form ITR-V

Earlier, up to A. Y 2013-14, partnership firms falling under the provisions of tax audit i.e., 44AB were required to furnish the return for A. Y 2011-12 and subsequent assessment years electronically under digital signature where as those not liable to audit had three options for furnishing ITR -5:

• Furnishing the return in a paper form
• Furnishing return electronically under digital signature
• Transmitting data in the return electronically and thereafter submitting the verification of the form in Form ITR-V.

The relevant extracts of the revised Rules reads as follows: (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 subsequent assessment years in the manner specified in clause (ii); (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); The Director-General of Income-tax (Systems) shall specify the procedures, formats and standards for ensuring secure capture and transmission of data and shall also be responsible for evolving and implementing appropriate security, archival and retrieval policies in relation to furnishing the returns in the manners specified in the abovementioned clauses.