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Last Updated : Tuesday 3rd April, 2012 - 10:08pm
NEWS UPDATES

Anti-dumping duty imposed on "Acetone' originating in, or exported from Chinese Taipei and Saudi Arabia Continue reading | The facility of payment of application fee/ penalty/ any other fee through demand draft is being restored by suitably amending the Appendix 2K of Appendices and Aayaat Niryat Forms, 2015-20. Continue reading | CBEC notifies New Customs Exchange rates for all foreign currency with effect from 17th April, 2015 Continue reading | CBEC amends Drawback Rates for Items under chapter 28 and Notification relating to Exchange Rates Continue reading | Drawback of specified goods (deemed to be imported) used in exports - Amendment to Notification No. 44/91-Cus. (N.T.) Continue reading | CBEC hikes tariff value of gold but reduces same for Silver and also hikes same for RBD Palmolein Continue reading | GOVT notifies exemption to Transport Allowance of Rs 1600 for normal taxpayer and Rs 3200 for blind and handicapped Continue reading | Keeping in abeyance the provisions of para 2.55 and 2.56 of Handbook of Procedures, 2015-20. Continue reading | CBEC issues clarification on the effective date of new rate of service tax Continue reading | The number of 4% SAD refund claim at a Customs station shall be limited to one in a particular month  Continue reading |
 
 
 
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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