IT Return filing changes (1st April 2012)

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 Individual or a resident 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.