Skip to main content

Income Tax Return Forms

Invest Mutual Funds Online

Download Mutual Fund Application Forms


One of the significant proposals in this year's Union Budget is that residents will have to file the tax return where they hold any foreign asset (including financial interest in any entity) or are signing authority in any account located outside India even though they do not have taxable income to report. Although the Budget is yet to be passed by the Parliament, but the Central Board of Direct Taxes (CBDT) has recently amended Rule 12 of the Income-Tax Rules, 1962 and released the new income-tax return forms to capture the relevant details for the financial year 2011-12 in line with the above proposed amendment. Filing of tax return in electronic mode has also been made mandatory where the total income exceeds . 10 lakh.


What Are These New Forms ?


Various forms and to whom they apply:

• ITR – 1 (SAHAJ): Salaries; House Property (where the individual does not own more than one house property); Income from Other Sources (except winnings from lottery or income from race horses)

• ITR – 2: Other than income from business and profession

• ITR – 3: Partners in firms and not carrying out business or profession as a proprietorship concern

• ITR – 4: Proprietary business or profession

• ITR – 44S(SUGAM): Business and profession and opted for being taxed under presumptive basis of taxation under sections 44AD and 44AE


Who Is Impacted?

• Expatriate employees and their accompanying family members who come into India generally qualify to be resident but not ordinarily residents (RNORs) for the first 2 to 3 years. Such individuals may have to provide details of their overseas investments and bank details even though their overseas income may not be taxable in India. Accompanying family may not even have taxable income in India, yet they may have filing obligation now.

• Another category of individuals who may get impacted are those employees who are resident of India and are the signing authorities as representative of a company in any account outside India. It is not clear whether such employees can exclude to report particulars of all such accounts/investments.

• Individuals who are residents and have assets (including financial interest in any entity) located outside India or signing authority in any account located outside India, will no longer be able to use Forms ITR-1 (SAHAJ) or ITR – 4S (SUGAM).

• Such individuals are also mandatorily required to file their returns electronically, even though their total income does not exceed . 10 lakh.


Challenges And The Way Forward


Expatriate employees and their accompanying family members with RNOR status are the ones hit hard by these changes. RNORs do not pay tax on their global income and obtaining overseas bank/investments details in their return may not be relevant. Reporting of bank accounts/investments details by employees who are merely representatives and not having any real financial interest in those investments may also not be relevant. But changes in forms seem to be sweeping and even the definition of any other assets is not provided and taxpayers are left to make their own judgment in this regard.


It is interesting to note that the returns forms have three categories under residency: Resident, Non Resident and RNOR. If one strictly goes by the form, the details are required to be given by residents and not by the RNORs. But CBDT needs to clarify as under the Income Tax Act, 1961, the term resident includes RNOR.


It would be helpful if CBDT comes out with a clarification sooner rather than later on the above aspects to give breather to the affected individuals. Think of the old saying: Prevention is better than cure. Until clarifications are provided, it is better for everyone to get organised and start compiling the details keeping in view the fact that the due date of filing the return, i.e. July 31, is approaching fast. It is also relevant to maintain full documentation and trail of investments as the next logical question would be to explain such investments or income from such investments, when questioned by the tax authorities. It is important to note that the Budget also has a proposal where the taxman can go back up to last 16 years to investigate where income in relation to any such asset located outside India has escaped assessment.

--------------------------------------------

Invest Mutual Funds Online

Transact Mutual Fund Online

 

Download Mutual Fund Application Forms from all AMCs

Download Mutual Fund Application Forms

 

Best Performing Mutual Funds

    1. Largecap Funds:
      1. DSP BlackRock Top 100 Fund
      2. ICICI Prudential Focused Blue Chip Fund
      3. Birla Sun Life Front Line Equity Fund
    2. Large and Midcap Funds
      1. ICICI Prudential Dynamic Plan
      2. HDFC Top 200 Fund
      3. UTI Dividend Yield Fund
    3. Mid and SmallCap Funds
      1. Reliance Equity Opportunities Fund
      2. DSP BlackRock Small & Midcap Fund
      3. Sundaram Select Midcap
      4. IDFC Premier Equity Fund
    4. Small and MicroCap Funds
      1. DSP BlackRock MicroCap Fund
    5. Sector Funds
      1. Reliance Banking Fund
      2. Reliance Banking Fund
    6. Gold Mutual Funds
      1. Relaince Gold Savings Fund
      2. ICICI Prudential Regular Gold Savings Fund
      3. HDFC Gold Fund

 

Popular posts from this blog

Post Office Deposits Interest Rates

Best SIP Funds to Invest Online   SIPs are Best Investments when Stock Market is high volatile. Invest in Best Mutual Fund SIPs and get good returns over a period of time. Know Top SIP Funds to Invest Save Tax Get Rich For further information on Top SIP Mutual Funds contact  Save Tax Get Rich on 94 8300 8300 OR You can write to us at Invest [at] SaveTaxGetRich [dot] Com

LIC Leave Encashment Plan

LIC Leave Encashment Plan       Best Tax Saver Mutual Funds or ELSS Mutual Funds for 2015 1. ICICI Prudential Tax Plan 2. Reliance Tax Saver (ELSS) Fund 3. HDFC TaxSaver 4. DSP BlackRock Tax Saver Fund 5. Religare Tax Plan 6. Franklin India TaxShield 7. Canara Robeco Equity Tax Saver 8. IDFC Tax Advantage (ELSS) Fund 9. Axis Tax Saver Fund 10. BNP Paribas Long Term Equity Fund You can invest Rs 1,50,000 and Save Tax under Section 80C by investing in Mutual Funds Invest in Tax Saver Mutual Funds Online - Invest Online Download Application Forms For further information contact Prajna Capital on 94 8300 8300 by leaving a missed call --------------------------------------------- Leave your comment with mail ID and we will answer them OR You can write to us at PrajnaCapital [at] Gmail [dot] Com OR Leave a missed Call on 94 8300 8300 --------------------------------------------- Invest Mutual Funds Online Invest Any Mutual Fund Online Download Mutual Fund Application Forms fro

Power of Compounding in Investments

Power of Compounding in Investments Invest Rs 1,50,000 and Save Tax up to Rs 46,350 under Section 80C. Get Great Returns by Investing in Best Performing ELSS Funds. Save Tax Get Rich Top 10 Tax Saver Mutual Funds for 2017 - 2018 Best 10 ELSS Mutual Funds to Invest in India for 2017 1. DSP BlackRock Tax Saver Fund 2. Tata India Tax Savings Fund  3. Birla Sun Life Tax Relief 96 4. ICICI Prudential Long Term Equity Fund 5. Invesco India Tax Plan 6. Franklin India TaxShield  7. Reliance Tax Saver (ELSS) Fund 8. BNP Paribas Long Term Equity Fund 9. Axis Tax Saver Fund 10. Sundaram Diversified Equity Fund Invest in Best Performing 2017 Tax Saver Mutual Funds Online Invest Best Tax Saver Mutual Funds Online Download Top Tax Saver Mutual Funds  Application Forms For further information contact  SaveTaxGetRich on 94 8300 8300 OR You can write to us at Invest [at] SaveTaxGetRich [dot] Com OR Call us on 94 8300 8300

MF SIP Top Up Online

Mutual Fund SIP Top Up Online As your monthly income grows, so should your savings. With this facility, you can increase your existing monthly SIP contributions. This can be done on a half-yearly and yearly basis. And you can top up with a minimum of Rs.500 per installment or multiples of Rs.500 as per your convenience.

Kotak Banking Exchange Traded Fund (ETF)

Download Tax Saving Mutual Fund Application Forms Invest In Tax Saving Mutual Funds Online Buy Gold Mutual Funds Leave a missed Call on 94 8300 8300 Kotak Banking Exchange Traded Fund (ETF) Kotak Mahindra Mutual Fund has launched Kotak Banking Exchange Traded Fund ( ETF ). The fund aims to provide returns before expenses that closely correspond to the total returns of stocks belonging to the CNX Bank Index , subject to tracking error. For further information contact Prajna Capital on 94 8300 8300 by leaving a missed call Leave a missed Call on 94 8300 8300 Leave your comment with mail ID and we will answer them OR You can write back to us at PrajnaCapital [at] Gmail [dot] Com --------------------------------------------- Invest Mutual Funds Online Invest Any Mutual Fund Online Download Mutual Fund Application Forms from all AMCs Download Mutual Any Fund Application Forms --------------------------------------------- Best Performing Mutual Funds Largecap
Related Posts Plugin for WordPress, Blogger...
Invest in Tax Saving Mutual Funds Download Any Applications
Transact Mutual Funds Online Invest Online
Buy Gold Mutual Funds Invest Now