Annual Income Tax Return Submission has been changed by Income Tax Department for Sahaj & Sugam ITRS of A. Y. 2013-14. These rules are very vital for filing the income tax return now. These changes are for individual as well as H.U.F. These are the changes in filing income tax return.
- An individual or HUF must file the return of income electronically for the previous year 2011-12 and subsequent previous year if his/its total income exceeds Rs. 10 lakhs.
- A resident Individual or a resident HUF must file the return of income electronically for the previous year 2011-12 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.
- 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.
- 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.
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