ITR 1 & ITR (4S) Sugam not applicable to Individual and HUF having Foreign Assets or A/Cs and have to file there Income tax Return online with Digital Signature or by transmitting the data in the return electronically and thereafter submitting the verification of the return in Form ITR-V. Income Tax Notification No. 14 Dated 28.03.2012 has made Significant Changes in Rule 12 of income Tax Rules related to Return of Income.
Amendment in Income tax Rules in Respect of ITR I Related to individual having Income from Salary
Vide this Notification amending the sub Rule 1 of Rule 12 after clause (a), the following proviso is been inserted, :-
“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.”;
What it Means is that ITR 1 is not applicable to Individuals who are having assets (including financial interest in any entity) located outside India; or are signing authority in any account located outside India and they need to file there Income tax Return Form ITR-2 or ITR-3 or ITR-4, as the case may be.
Amendment in Rules Respect of ITR (4S) Related to individual and HUF
Vide this Notification amending the sub Rule 1 of Rule 12 after clause (ca), the following proviso is been inserted, :-
“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.”
What it Means is that ITR 4S is not applicable to a person being an individual or a Hindu undivided family deriving business income and such income is computed in accordance with special provisions referred to in section 44AD and section 44AE of the Act for computation of business income if they are are having assets (including financial interest in any entity) located outside India; or are signing authority in any account located outside India and they need to file there Income tax Return Form ITR-2 or ITR-3 or ITR-4, as the case may be.
Mode of Return Filing for those having Foreign Assets
The notification has also provided that Individual and HUF having assets (including financial interest in any entity) located outside India; or are signing authority in any account located outside India can file there Income tax Return in any of the following two mode only :-
a. furnishing the return electronically under digital signature;
b. transmitting the data in the return electronically and thereafter submitting the verification of the return in Form ITR-V
i have a small query does the account mentioned above include a saving bank account in foreign country?
Sir
i want to know that earlier i was a accountant in Mfg Company right now i am working in individual accounts can sugess me that if the future in this field bcoz i am fresher in this field.it is better for my futture.
kindly given me suggestion
thanks & Regards
Ravinder kumar verma 9871528154