Important Amendment made in ITR Form –Income Tax Rules for the Assessment Year 2012-13
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Transcript of Important Amendment made in ITR Form –Income Tax Rules for the Assessment Year 2012-13
P.G. KUKREJA ASSOCIATES 2
Important Amendment made in ITR Form –Income Tax Rules for the Assessment Year 2012-13
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(1) These rules may be called the Income-tax (3rd Amendment) Rules, 2012. (2) They shall come into force on the 1st day of April, 2012
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1.Changes Made in filing the Return of income
Above Rs.1 Million
- e filing mandatory with digital signature or - E filing with ITR V.
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2.The Return of income tax be e-filed compulsorily •Assets Located outside India•Signing authority in any account located outside India•The return to be filed even if the income is nil.
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Schedule FA Details of Foreign Assets
A Details of Foreign Bank Accounts
SlNo
Country Name Country Code
Name and Address of the
Bank
Name mentioned
in theaccount
Peak Balance
During the Year
(in rupees)(1)
(2) (3) (4) (5) (6)
i
ii
A) Details of foreign Bank Accounts held by Individuals Abroad.
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B Details of Financial Interest in any Entity
SlNo
Country Name Country Code
Nature of entity
Name and Address of the Entity
Total Investment (at
cost) (in rupees)
(1)
(2) (3) (4) (5) (6)
i
ii
B) Details of financial Interest in any Entity.
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C Details of Immovable Property
SlNo(1)
Country Name
(2)
Country Code
(3)
Address of the Property
(4)
Total Investment (at cost) (in
rupees)(5)
(i)
(ii)
C)Details of Immovable Property of any individual at abroad
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D Details of any other Asset
SlNo (1)
Country Name
(2)
C ountry Code
(3)
Nature of Asset
(4)
Total Investment (at cost) (in rupees)
(5)
(i)
(ii)
D)Details of any other Assets.
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E Details of account(s) in which you have signing authority and which has not been included in A to D above.
SlNo(1)
Name of the Institution in which the
account is held(2)
Address of the Institution
(3)
Name mentioned in the
account(4)
Peak Balance/Investment during the
year (in rupees)(5)
(i)
(ii)
E)Details of accounts in which one have signing authority and which has not been included in A and D above.
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New Filing Requirements for Foreign Assets SIMILAR UNDER US LAWS
The Foreign Account Tax Compliance Act (FATCA)Individuals with a Reporting Obligation under
FATCA .Employee Benefits Required to be Reported as
Foreign Financial Assets on Form 8938.
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Other Amendment in form ITR 2
Addition of Schedule TR – TAX RELIEF
tax relief claimed under sections 90/90A/91
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DTAA Agreements with nearly 82 countries
Armenia, Australia, Austria, Bangladesh, Belarus, Belgium, Brazil, Bulgaria, Canada, China, Cyprus, Czech Republic, Denmark, Egypt,Finland, France, Germany, Greece, Hashemite Kingdomof Jordan, Hungary, Iceland, Indonesia, Israel, Italy, Japan, Kazakstan, Kenya, Korea, KUWAIT, Kyrgyz Republic, Libya, Malaysia, Malta, Mauritius, Mongolia, Morocco, Namibia, Nepal, Netherlands, New Zealand, Norway, Oman, Philippines, Poland, Portuguese Republic, Qatar, Romania, Russia, Singapore, Slovenia, South Africa, Spain, Sri Lanka, Sudan, Sweden, Swiss, Confederation, Syria, Tanzania, Thailand , Trinidad and Tobago, Turkey, Turkmenistan, UAE, UAR (Egypt) , UGANDA, UK, Ukraine, USA, Uzbekistan, Vietnam, Zambia
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Section 206AA.
Tax shall be deducted at higher of the following rates :-
•At the rate specified in the relevant
provisions of this Act; or
•At the rates in force (as per treaty); or
•At the rate of 20 %.
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Addition of Schedule 80 G
Capital Gain (Para B-TI) :-
Schedule HP – House Property
Schedule UD :- Unabsorbed Depreciation :-
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AMENDMENTS RELATING TO REASSESSMENT IN
S. 147
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THE TERM FINANCIAL INTEREST
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SECTION 9(1)(i) Explanation 5
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Amendment to Section 149
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Amendment toSection 149(3)
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Sr No. Form No. Description / Summary
1 ITR - 1 (SAHAJ)*
Individual having income classified as: 1. Salaries 2. House Property (where the individual does not own more than one house property 3. Income from Other Sources (except winnings from lottery or income from race horses)
Summary of ITR -Forms
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2
ITR – 2 For Individual and Hindu Undivided Family (HUF)
not having income under the head ‘Business and Profession’.
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3
ITR – 3 For Individual/HUF being partners in firms and not
carrying out business or profession as a proprietorship concern
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4 ITR – 4S (SUGAM)*
For Individual/HUF deriving income under the head ‘Business and Profession’ and having opted for being taxed under sections 44AD and 44AE (presumptive basis of taxation)
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5
ITR – 4 For Individual and HUF having income from a proprietary business or profession
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Individual and HUF assessees, who are residents and have assets (including financial interest in any entity) located outside India or signing authority in any account located outside India, cannot use the Forms ITR-1 (SAHAJ) or ITR – 4S (SUGAM), as the case may be.
Form 1S and 4S not to be used
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Clarity on GAAR to attract long-term money
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Received on 07.05.2012Proposed changes in Finance Bill, 20121) Withdrawal of TDS on purchase of Immovable Property2) Retrospective amendment to Sec. 9 not applicable where
assessment order already passed3) GAAR : Provisions postponed, now effective from 01-04-
20144) GAAR : Provisions as to onus of proof shifted to revenue5) GAAR : Advance Ruling applicable to GAAR cases6) GAAR : Constitution of approving panel changed7) STT on sale of unlisted securities at 0.2%8) No excise duty on purchase of jewellery upto Rs. 5 lakhs
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The CBDT has recently notified that Form 16A’s issued by all deductor’s in respect of tax withheld on or after 1 April 2012
Type of Deductor Issue of TDS certificate in Form 16A
downloaded from the TIN Website from 1 April 2011 until 31
March 2012
Issue of TDS certificate in Form 16A
downloaded from the TIN Website effective
from 1 April 2012
Company Mandatory Mandatory
Other than Company Deductor
Optional Mandatory
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Thank youP. G. Kukreja AssociatesChartered Accountants3, Shewa Apartments, 33-B 3rd Road, Khar (W),Mumbai – 400 [email protected]