Skip to main content

Do you need to e-file I-T returns?

Invest Mutual Funds Online

Download Mutual Fund Application Forms

If a resident holds any shares or financial interest in a foreign entity, then such information is required to be furnished

ONE of the key points proposed in the Union budget 2012 is the compulsory filing of income-tax return by every resident individual or Hindu undivided family (HUF) in relation to assets located outside India.

Keeping with the intention expressed in the budget, the central board of direct taxes (CBDT) has amended income-tax return forms especially to capture data of financial interest in any entity/ properties / assets held outside India. It would also include residents having signing authority in any account located outside India whether or not they earn taxable income. These forms are to be used for the year ended March 31.

Some of the changes that have been brought about in the forms this year are detailed in this article: Furnishing of foreign bank accounts details: Residents, individuals and HUF, will need to furnish the details of any bank accounts that they hold in foreign countries along with the details of the peak balance in rupees held t in these accounts during the year.


Details of financial interest in any entity / p properties / assets held outside India: If a resident holds any shares or financial interest in a foreign entity, then such information is required to be furnished along s with the total cost of investment in rupees. d In view of the same, the ITR-2, ITR-3 and ITR-4 forms have been amended to s seek such information. f It may be noted that though the income-tax return form requires the foreign c assets to be reported in rupees, the tax department has not specified the manner in t which the value needs to be converted a from the foreign currency yet. a E-filing of tax returns: Until last year, taxes payers had the option of filing their return manually or electronically. Now, e-filing of c the tax return has been made mandatory t in the following two cases. First, resident u individuals or HUF who hold assets (including financial interest) outside India or f have a signing authority in a foreign bank account. Second, individuals and HUF whose total income exceeds Rs 10 lakh for the FY 2011­12.


Foreign tax credit: Individuals or HUF who claim a relief on account of foreign taxes paid on doubly taxed income in a foreign jurisdiction, will need to provide details of the foreign jurisdiction, the tax identification number in the foreign country, as well as the details of the income earned, tax paid and the amount of relief claimed.

Some of the important information required to be disclosed in the income-tax return form are: In case, an individual co-owns a house property, then the co-ownership details which includes the name, PAN and ownership share of co-owners.

If you are claiming deductions in case of specified donations, then the details of the donee (name, address and PAN).

Reporting of the unique tax deduction at source (TDS) certificate number and the financial year in which TDS is deducted is required to be reported for TDS on incomes other than salary.

There is also a requirement to calculate the long-term capital gains (LTCG) with and without claiming the benefit of indexation of cost of inflation and report them separately.

With the above changes in the income-tax return forms, the tax authorities seek to make the reporting of individuals and HUFs more transparent and wish to gather more information on their foreign assets.

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

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

Understanding Your Cibil Credit Information Report

   WE ARE all familiar with the anxiety and uncertainty that we feel when applying for a loan. After all, it's the lender who decides whether we can own our dream home, our first car, or whether our children can pursue higher education. In a nutshell, a better life depends on the lender's decisions.    While other factors do play a part in the lender's decision, the Cibil Credit Information Report ( CIR ) plays a crucial role in a lender's decision to approve a loan application.    Previously, lenders would treat all loan seekers equally. Each applicant, if approved by the lender's internal credit policy, would be charged at the same interest rate for a particular loan size and purpose. The lenders would charge a higher interest rate to all the borrowers, in order to compensate for the possible default of a small portion of the loan disbursed. In other words, it's like a professor (the lender) punishing an entire class (borrowers) for the mischief played b...
Read more

Reliance Health Total

  Reliance Life Insurance has launched Reliance Health Total, a non-linked, non-participating and non-variable health insurance plan . It provides a fixed benefit cover for hospitalisation, critical illnesses and surgeries. The customer can also make a claim for over-the-counter health-related expenses. This is a regular-pay, five-year plan that can be renewed till the age of 99. The plan comes with two options: customers can choose a higher medical reimbursement benefit or a higher sum insured. 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 - I...
Read more

Some tips for individual investors for investment planning

These days, the stock markets are quite volatile in nature with a bearish bias. Rallies do not last long in the markets and peaks of market rallies are reducing. The markets are hitting fresh lows in every fall. Many blue chip stocks are trading 50 percent lower than their high levels. Many stocks are currently trading at their year's low prices or all-time low prices. Many investors have lost their hard-earned money and many others are stuck with stocks that have corrected heavily in the last few weeks. Here are some tips for investors already invested in the stock markets: 1) Hold fundamentally strong options The domestic macroeconomic fundamentals are strong. The GDP growth rate is expected to slow down slightly from the nine percent last year to around 7 - 7.5 percent this year. This is still quite good and encouraging in comparison to other developed countries. The current market crash can be attributed largely to foreign institutional investors' ( FIIs ) outflows but...
Read more

Good Loan

Why Is It A Good Loan?: Loans against gold are cheaper and better than personal loans as the former are available at lower interest rates. In contrast, the interest rates on personal loans are not standardised and can vary from bank to bank. Also, a personal loan depends on a host of factors including, the borrower's salary, profession and the purpose for which the loan is being taken.      For instance, the interest rate on a personal loan of 5 lakh falls in a wide range of 15-30%. But loans against gold are available for as low as 11%. Secured borrowing such as a loan against gold, investments or property is cheaper because it is backed by some assets, which command a good value at any point of time. If the borrower defaults on the loan, the banks can liquidate the assets to settle the loan account.    Being a secured loan, the risk of default and credit losses is significantly lower in this loan compared to other forms of loan for personal use. Given the lower risk, gold loa...
Read more

Save Tax With Mutual Funds

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       Mutual funds are ideal as long term investment avenues for retail investors. To encourage investments in this avenue, the Government of India offers investors a spate of tax benefits thus ensuring maximum benefit from mutual funds held beyond a year. Sample some of the key benefits and refer to the table for a detailed list of tax rates for different types of schemes ·        Avail deductions under Sec 80C of the Income Tax Act by investing up to a maximum of Rs. 1 lakh in designated Equity Linked Savings Schemes (ELSS). Such investments have a compulsory lock in period of 3 years. ·        First time retail investors in equity with a gross total income of up to Rs. 12 lakh can invest up to Rs. 50,000 in specific MF schemes un...
Read more
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