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August 2012

Notification No. 25/2012, S.O. 1453(E) dated 2-7-2012 — Income-tax (Seventh Amendment) Rules, 2012 — Amendment in Rule 12 and substitution of forms ITR 5 and ITR 6.

By Pinky Shah, Sonalee Godbole, Chartered Accountants
Reading Time 1 mins
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Rule 12 provided that the prescribed ITR Form SAHAJ — ITR 1 and SUGAM — ITR 4S could not be used by a resident individual or a HUF to file his return of income, if he had:

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

(b) signing authority in any account located outside India. The Rule is amended to provide that not ordinary residents can use SAHAJ — ITR 1 and SUGAM — ITR 4S though they have assests located outside India and have signi

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