Income tax Department has recently issued Income tax notification 14 dated 28.03.2012 by which it has specified the Return Form to be used by the Assessee for income tax Return Filing for the Assessment year 2012-13 and also prescribes the mode of Income tax Return Filing. We have summarised below the significant changes as compared to Assessment year 2011-12 :-
(1) An individual or HUF must file the return of income electronically for the previous year 2011-12 / Assessment year 2012-13 and subsequent previous year if his/its total income exceeds Rs. 10 lakhs.
(2) A resident Individual or a resident HUF must file the return of income electronically for the previous year 2011-12 / Assessment year 2012-13 and subsequent previous year, if he/it has:
(a) assets (including financial interest in any entity) located outside India; or
(b) signing authority in any account located outside India.
(3) The prescribed ITR Form SAHAJ – ITR 1 cannot be used by a resident Individual to file his return of income, if he has:
(a) assets (including financial interest in any entity) located outside India; or
(b) signing authority in any account located outside India.
(4) The Form SUGAM – ITR 4S, prescribed in the case of an individual or a HUF deriving business income and such income is computed in accordance with special provisions referred to in section 44AD and section 44AE of the Act, cannot be used by a resident Individual or a resident HUF to file the return of income, if he/it has:
(a) assets (including financial interest in any entity) located outside India; or
(b) signing authority in any account located outside India.
