Income tax updates

Dear friends,

NOTIFICATION NO.14/2012 [F.NO.142/31/2011-TPL]/S.O. 626(E), DATED 28-3-2012   has amended Rule 12 of income tax Rules has specified that an individual or a 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 for the assessment year 2012-13 and subsequent assessment years in any of the following two modes :-

(i) furnishing the return electronically under digital signature;

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

Also an individual or a Hindu undivided family, being a resident, having assets assets (including financial interest in any entity) located outside India; or having signing authority in any account located outside India are also required to file there Income tax return Online.

 

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Please find below extract of NOTIFICATION NO.14/2012 [F.NO.142/31/2011-TPL]/S.O. 626(E), DATED 28-3-2012 

INCOME-TAX (THIRD AMENDMENT) RULES, 2012 - AMENDMENT IN RULE 12 AND SUBSTITUTION OF FORMS SAHAJ (ITR-1), ITR-2, ITR-3, SUGAM (ITR-4S), ITR-4 AND ITR-V

In exercise of the powers conferred by section 295 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following rules further to amend the Income-tax Rules, 1962, namely:-

1. (1) These rules may be called the Income-tax (3rd Amendment) Rules, 2012.

(2) They shall come into force on the 1st day of April, 2012.

2. In the Income-tax Rules, 1962,-

(A) in rule 12,-

(i)  in sub-rule (1),-

(a)  for the figures "2011", the figures "2012" shall be substituted;

(b)  after clause (a), the following proviso shall be inserted, namely:-

"Provided that the provisions of this clause shall not apply to a person being an individual, who is a resident and has

(i)  assets (including financial interest in any entity) located outside India; or

(ii)  signing authority in any account located outside India.";

 (c)  after clause (ca), the following proviso shall be inserted, namely:-

"Provided that the provisions of this clause shall not apply to a person being an individual or Hindu undivided family, who is a resident and has

 (i)  assets (including financial interest in any entity) located outside India; or

 (ii)  signing authority in any account located outside India."

(ii)  in sub-rule (3), in the proviso, clause (a) shall be renumbered clause (aaa) and before clause (a), as so renumbered the following clauses shall be inserted, namely:-

" (a)  an individual or a 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 for the assessment year 2012-13 and subsequent assessment years in the manner specified in clause (ii) or clause (iii);

(aa)  an individual or a Hindu undivided family, being a resident, having assets (including financial interest in any entity) located outside India or signing authority in any account located outside India and required to furnish the return in Form ITR-2 or ITR-3 or ITR-4, as the case may be, shall furnish the return for assessment year 2012-13 and subsequent assessment years in the manner specified in clause (ii) or clause (iii);"

(iii)  in sub-rule (5), for the figures "2010", the figures "2011" shall be substituted;

(B) in Appendix-II, for "Forms SAHAJ (ITR-1), ITR-2, ITR-3, SUGAM (ITR-4S), ITR-4 and ITR-V", the "Forms SAHAJ (ITR-1), ITR-2,ITR-3, SUGAM (ITR-4S), ITR-4 and ITR-V" shall be substituted.

 

 

 

 

 

With regards,
Bipul Kumar
FEMA & Tax Advisory Services
Wisdom Management Consultancy Private Limited
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