Indian Tax Solution

Change in the provisions for filing of return of income 
(1)  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.

(2)  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.

(3)  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.

(4)  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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Editor's Column

New scope for utilisation of credit of Education and SHE Cess for payment of basic excise duty

New scope for utilisation of credit of Education and SHE Cess for payment of basic excise dutyRule 3(7)(b) of the CCR, 2004 has been amended vide Notification No.12/2015-Central Excise (N.T.), dated 30.04.2015 so as ...