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IT Return filing changes (1st April 2012)

April 10, 2012by Basavaraj Tonagatti

Recently IT Department issued some changes related to IT Return submission effective from this FY. Let us look at the changes.

1) An individual or Hindu Undivided Family (HUF), 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 Rs.10,00,000, shall furnish the return for the assessment year 2012-13 and subsequent assessment years only through e-Return or electronic return format.

2) A resident Individualor aresident Hindu Undivided Family (HUF) shall furnish the return for the assessment year 2012-13 and subsequent assessment years only through e-Return or electronic return format, 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 – ITR1 (Form used by individual to file IT return if income derived from-Salary/Pension, Income from one house property and income from other sources but excludes where income from house property brought forward from previous year) 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) Form SUGAM-ITR 4S (Form used by individual or HUF to file IT return if income derived from-business income and such income is computed in accordance with special provisions referred to in section 44AD and section 44AE of the Act, Salary/Pension, Income from one house property and income from other sources but excludes where income from house property brought forward from previous year) cannot be used by a resident Individual or Hindu Undivided Family (HUF) to file his/it’s 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.

 

Category: Tax PlanningTag: IT Return filing changes (1st April 2012), ITR Form SAHAJ – ITR1, SUGAM-ITR 4S

About Basavaraj Tonagatti

Basavaraj Tonagatti is the man behind this blog. He is SEBI Registered Investment Adviser who is practicing Fee-Only Financial Planning Process and also an Independent Certified Financial Planner (CFP), engaged in blogging since 7 years. BasuNivesh blog is ranked as one among India's Top 10 Personal Finance Blog. He is not associated with any Financial product/service provider. The purpose of this blog is to "Spread personal finance awareness and make them to take informed financial decisions." Please note that the views given in this Blog/Comments Section/Forum are clarifications meant for reference and guidance of the readers to explore further on the topics/queries raised and take informed decisions. These should not be construed as investment advice or legal opinion."

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Reader Interactions

Comments

  1. KIRTI CHAND

    August 8, 2015 at 8:13 PM

    Can be Filed the REVISE RETURN FOR THE F.Y. 2013-14 AND THE A.Y.2014-15 EXPLAIN IT .

    Reply
  2. KIRTI CHAND

    August 8, 2015 at 8:07 PM

    Dear sir, Good Evening ,

    Sir, We have filled on line return for the F.Y. 2013-14 and the assessment Year 2014-15 last year august month . But dear we have not taken the pension income on original return we have take only bank intt income on ITR . Sir , Can be be filed the Revise Return for the F.Y. 2013-14 and the A.Y. 2014-15 Please Give me answer as soon as possible .

    Reply
    • Basavaraj Tonagatti

      August 9, 2015 at 12:15 PM

      Kirti-Please read my earlier post “How to file revised income tax return?“.

      Reply

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