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Important Amendment made in ITR Form –Income Tax Rules for the Assessment Year 2012-13

Important Amendment made in ITR Form –Income Tax Rules for the Assessment Year 2012-13. ( 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. 1.Changes Made in filing the Return of income

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Important Amendment made in ITR Form –Income Tax Rules for the Assessment Year 2012-13

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  1. P.G. KUKREJA ASSOCIATES
  2. Important Amendment made in ITR Form –Income Tax Rules for the Assessment Year 2012-13 P.G. KUKREJA ASSOCIATES
  3. (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 P.G. KUKREJA ASSOCIATES
  4. 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. P.G. KUKREJA ASSOCIATES
  5. 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. P.G. KUKREJA ASSOCIATES
  6. A) Details of foreign Bank Accounts held by Individuals Abroad. P.G. KUKREJA ASSOCIATES
  7. B) Details of financial Interest in any Entity. P.G. KUKREJA ASSOCIATES
  8. C)Details of Immovable Property of any individual at abroad P.G. KUKREJA ASSOCIATES
  9. D)Details of any other Assets. P.G. KUKREJA ASSOCIATES
  10. E)Details of accounts in which one have signing authority and which has not been included in A and D above. P.G. KUKREJA ASSOCIATES
  11. New Filing Requirements for Foreign Assets SIMILAR UNDER US LAWS TheForeign 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. P.G. KUKREJA ASSOCIATES
  12. Other Amendment in form ITR 2Addition of Schedule TR – TAX RELIEF tax relief claimed under sections 90/90A/91 P.G. KUKREJA ASSOCIATES
  13. 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 P.G. KUKREJA ASSOCIATES
  14. 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 %. P.G. KUKREJA ASSOCIATES
  15. Addition of Schedule 80 G Capital Gain (Para B-TI) :- Schedule HP – House Property Schedule UD :- Unabsorbed Depreciation :- P.G. KUKREJA ASSOCIATES
  16. AMENDMENTS RELATING TO REASSESSMENT IN S. 147 P.G. KUKREJA ASSOCIATES
  17. THE TERM FINANCIAL INTEREST P.G. KUKREJA ASSOCIATES
  18. SECTION 9(1)(i) Explanation 5 P.G. KUKREJA ASSOCIATES
  19. Amendment to Section 149 P.G. KUKREJA ASSOCIATES
  20. Amendment to Section 149(3) P.G. KUKREJA ASSOCIATES
  21. Summary of ITR -Forms P.G. KUKREJA ASSOCIATES
  22. P.G. KUKREJA ASSOCIATES
  23. P.G. KUKREJA ASSOCIATES
  24. P.G. KUKREJA ASSOCIATES
  25. P.G. KUKREJA ASSOCIATES
  26. Form 1S and 4S not to be used 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. P.G. KUKREJA ASSOCIATES
  27. Clarity on GAAR to attract long-term money P.G. KUKREJA ASSOCIATES
  28. Received on 07.05.2012Proposed changes in Finance Bill, 2012 1) Withdrawal of TDS on purchase of Immovable Property 2) Retrospective amendment to Sec. 9 not applicable where assessment order already passed 3) GAAR : Provisions postponed, now effective from 01-04-2014 4) GAAR : Provisions as to onus of proof shifted to revenue 5) GAAR : Advance Ruling applicable to GAAR cases 6) GAAR : Constitution of approving panel changed 7) STT on sale of unlisted securities at 0.2% 8) No excise duty on purchase of jewelleryupto Rs. 5 lakhs P.G. KUKREJA ASSOCIATES
  29. The CBDT has recently notified that Form 16A’s issued by all deductor’sin respect of tax withheld on or after 1 April 2012 P.G. KUKREJA ASSOCIATES
  30. P.G. KUKREJA ASSOCIATES
  31. Thank you P. G. Kukreja Associates Chartered Accountants 3, Shewa Apartments, 33-B 3rdRoad, Khar(W), Mumbai – 400 052. pgkukreja@gmail.com P.G. KUKREJA ASSOCIATES
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