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May 2012

Notification No. 14/2012 (F.No. 142/31/2011- TPL)/S.O. 626 (E), dated March 28, 2012 — Income-tax (third amendment) Rules, 2012 — Amendment in Rule 12 and substitution of Forms ITR 1, ITR 2, ITR 3 ITR 4S, ITR 4 and ITR V.

By Pinky Shah, Sonalee Godbole, Chartered Accountants
Reading Time 1 mins
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The gist of the amendment is as under:

(1) An individual or HUF must file the return of income electronically for the A.Y. 2012-13 and in subsequent years if his/its total income exceeds Rs.10 lakh.

(2) A resident individual or a resident HUF must file the return of income electronically for the A.Y. 2012-13 and subsequent years, 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 and SUGAM — ITR 4S cannot be used by a resident

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