Individuals who are residents and have assets (including financial interest in any entity) located outside India or signing authority in any account located outside India, will no longer be able to use Forms ITR-1 (SAHAJ) or ITR - 4S (SUGAM). Such individuals are also mandatory required to file their returns electronically, even though their total income does not exceed Rs 10 lakh.
Although the Budget is yet to be passed by the Parliament, but the Central Board of Direct Taxes (CBDT) has recently amended Rule 12 of the Income-Tax Rules, 1962 and released the new income-tax return forms to capture the relevant details for the financial year 2011-12 in line with the above proposed amendment. Filing of tax return in electronic mode has also been made mandatory where the total income exceeds Rs 10 lakh.
What are these new forms?
Various forms and to whom they apply:
ITR - 1 (SAHAJ): Salaries; House Property (where the individual does not own more than one house property); Income from Other Sources (except winnings from lottery or income from race horses).
ITR - 2: Other than income from business and profession.
ITR - 3: Partners in firms and not carrying out business or profession as a proprietorship concern.
ITR - 4: Proprietary business or profession.
ITR - 44S(SUGAM): Business and profession and opted for being taxed under presumptive basis of taxation under sections 44AD and 44AE.
Download New ITR for Assessment Year 2012-13 (Click Here)
Although the Budget is yet to be passed by the Parliament, but the Central Board of Direct Taxes (CBDT) has recently amended Rule 12 of the Income-Tax Rules, 1962 and released the new income-tax return forms to capture the relevant details for the financial year 2011-12 in line with the above proposed amendment. Filing of tax return in electronic mode has also been made mandatory where the total income exceeds Rs 10 lakh.
What are these new forms?
Various forms and to whom they apply:
ITR - 1 (SAHAJ): Salaries; House Property (where the individual does not own more than one house property); Income from Other Sources (except winnings from lottery or income from race horses).
ITR - 2: Other than income from business and profession.
ITR - 3: Partners in firms and not carrying out business or profession as a proprietorship concern.
ITR - 4: Proprietary business or profession.
ITR - 44S(SUGAM): Business and profession and opted for being taxed under presumptive basis of taxation under sections 44AD and 44AE.
Download New ITR for Assessment Year 2012-13 (Click Here)
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