Monday, April 2, 2012

E FILING ITR MUST INCOME EXCEEDING 10 LAKH FOR INDIVIDUALS HUF AY 12-13


on Monday, April 2, 2012

E filing of Income Tax return is Must for Individuals and HUF,Where Income for the Financial Year 2011-12 is more than 10 Lakh.The New rule has been added with effect from 01.04.2012 and this is applicable for assessment year 2012-13 previous year 2011-12.

E filing can be done with Digital signature or without digital signature (By sending ITR-V to CPC ,Banglore)

Means applicable to current filing of income tax return which has been  started from 01.04.2012.This amendment will affect most to the salaried person .HUF/ Individuals who earns their Income through Business and covered under Audit (section 44AB) is already covered under compulsory e filing .

Due Date to File Income Tax return for assessment year 2012-13 for non audit cases is 31.07.2012 

Special Provision where reson have interest in entity outside India 
Further an individual or a Hindu undivided family, being a resident, 
  • having assets (including financial interest in any entity) located outside India or 
  • signing authority in any account located outside India 
cannot file return through Income tax return form ITR-1(Sahaj) or Sugam(4S).So he has to use ITR-2,ITR-3 or ITR-4 . Further he have to  file his return only through E filing Mode with or without digital signature irrespective of income.

Special columns has been introduced in ITR-2,3,4 for such persons. No Other changes in ITR form for Assessment year 2012-13
Person having total taxable income up to Rs 5 lakh Salary income from one employer including saving bank interest up to Rs 10000 is exempted from Income tax return for assessment year 2012-13 (read details here)Exemption from return filing up to 5 Lakh Ay 2012-13 New Income Tax return form ITR-1,ITR-2,ITR-3, ITR-4 ,ITR-4S For Ay 2012-13 can be downloaded from here Which form should you use Has been defined hereunder New Income Tax return form ITR-1,ITR-2,ITR-3, ITR-4 ,ITR-4S For Ay 2012-13 can be downloaded from here Mandatory e filing of Income Tax return with and without digital signature has been summerised as under. New Income Tax return form ITR-1,ITR-2,ITR-3, ITR-4 ,ITR-4S For Ay 2012-13 can be downloaded from here

Complete Rule 12 is Given here under for your ready reference.(bold words has been amended through Income-tax (3rd Amendment) Rules,2012.

12. (1) The return of income required to be furnished under sub-section (1) or sub- section (3) or sub-section (4A) or sub-section (4B) or sub-section (4C) or sub-section (4D) of section 139 or clause (i) of sub-section (1) of section 142 or sub-section (1) of section 148 or section 153A 89a [***] relating to the assessment year commencing 90 [on the 1st day of April, 91 [2011]] shall,—

(a) in the case of a person being an individual where the total income includes income chargeable to income-tax, under the head,—

(i) “Salaries” or income in the nature of family pension as defined in the Explanation to clause (iia) of section 57; or

(ii) “Income from house property”, where assessee does not own more than one house property and does not have any brought forward loss under the head; or

(iii) “Income from other sources”, except winnings from lottery or income from race horses,be in Form 92a [SAHAJ] (ITR-1) and be verified in the manner indicated therein;] 


Provided that the provisions of this clause shall not apply to a person being an individual, who is a resident and has 



(i) assets (including financial interest in any entity) located outside India; or 
(ii) signing authority in any account located outside India.”; 


(b) in the case of a person being an individual not being an individual to whom clause (a) applies or a Hindu undivided family where the total income does not include any income chargeable to income-tax under the head “Profits or gains of business or profession”, be in Form No. ITR-2 and be verified in the manner indicated therein;

(c) in the case of a person being an individual or a Hindu undivided family who is a partner in a firm and where income chargeable to income-tax under the head “Profits or gains of business or profession” does not include any income except the income by way of any interest, salary, bonus, commission or remuneration, by whatever name called, due to, or received by him from such firm, be in Form No. ITR-3 and be verified in the manner indicated therein;

(ca) in the case of a person being an individual or a Hindu undivided family deriving business income and such income is computed in accordance with special provisions referred to in section 44AD and section 44AE of the Act for computation of business income, be in Form SUGAM (ITR-4S) and be verified in the manner indicated therein;


Provided that the provisions of this clause shall not apply to a person being an individual or Hindu undivided family, who is a resident and has 


(i) assets (including financial interest in any entity) located outside India; or 


(ii) signing authority in any account located outside India.” 

(d) in the case of a person being an individual or a Hindu undivided family other than the individual or Hindu undivided family referred to in clause (a) or clause (b) or clause (c) or clause (ca) and deriving income from a proprietory business or profession, be in Form No. ITR-4 and be verified in the manner indicated therein;

(e) in the case of a person not being an individual or a Hindu undivided family or a company or a person to which clause (g) applies, be in Form No. ITR-5 and be verified in the manner indicated therein;

(f) in the case of a company not being a company to which clause (g) applies, be in Form No. ITR-6 and be verified in the manner indicated therein;

(g) in the case of a person including a company whether or not registered under section 25 of the Companies Act, 1956 (1 of 1956), required to file a return under sub-section (4A) or sub-section (4B) or sub-section (4C) or sub-section (4D) of section 139, be in Form No. ITR-7 and be verified in the manner indicated therein;

 (2) The return of income required to be furnished in Form SAHAJ (ITR-1) or Form No. ITR-2 or Form No. ITR-3 or Form SUGAM (ITR-4S) or Form No. ITR-4 or Form No. ITR-5 or Form No. ITR-6 shall not be accompanied by a statement showing the computation of the tax payable on the basis of the return, or proof of the tax, if any, claimed to have been deducted or collected at source or the advance tax or tax on self-assessment, if any, claimed to have been paid or any document or copy of any account or form or report of audit required to be attached with the return of income under any of the provisions of the Act.]

(3) The return of income referred to in sub-rule (1) may be furnished in any of the following manners, namely:—

(i) furnishing the return in a paper form;

(ii) furnishing the return electronically under digital signature;

(iii) transmitting the data in the return electronically and thereafter submitting the verification of the return in Form ITR-V;

(iv) furnishing a bar-coded return in a paper form:

Provided that—


(a) an individual or a Hindu undivided family, 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 ten lakh rupees, shall furnish the return for the assessment year 2012-13 and subsequent assessment years in the manner specified in clause(ii) or clause(iii); 


(aa) an individual or a Hindu undivided family, being a resident, having assets (including financial interest in any entity) located outside India or signing authority in any account located outside India and required to furnish the return in Form ITR-2 or ITR-3 or ITR-4, as the case may be, shall furnish the return for assessment year 2012-13 and subsequent assessment years in the manner specified in clause (ii) or clause (iii);” 

(aaa) a firm required to furnish the return in Form ITR-5 or an individual or Hindu Undivided Family (HUF) required to furnish the return in Form ITR-4 and to whom provisions of section 44AB are applicable, shall furnish the return for assessment year 2011-12 and subsequent assessment years in the manner specified in clause (ii)

(ab) a company required to furnish the return in Form ITR-6 shall furnish the return for assessment year 2010-11 and subsequent assessment years in the manner specified in clause (ii);

(b) a person required to furnish the return in Form ITR-7 shall furnish the return in the manner specified in clause (i).

(4) The Director-General of Income-tax (Systems) shall specify the procedures, formats and standards for ensuring secure capture and transmission of data and shall also be responsible for evolving and implementing appropriate security, archival and retrieval policies in relation to furnishing the returns in the manners specified in clauses (ii), (iii) and (iv) of sub-rule (3).

(5) Where a return of income relates to the assessment year commencing on the 1st day of April, 2010 or any earlier assessment year, it shall be furnished in the appropriate form as applicable in that assessment year.
New Income Tax return form ITR-1,ITR-2,ITR-3, ITR-4 ,ITR-4S For Ay 2012-13 can be downloaded from here

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