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

ICICI Prudential Dynamic Plan Invest Online

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   ICICI Prudential Dynamic Plan             Invest Online This fund does remarkably well during falling markets, but fails to show the same prowess during a rising market. The fund sticks to its mandate to adapt to the dynamic nature of the market by shuttling between debt and equity. It takes aggressive asset calls in equity when the market surges by investing in quality mid-cap stocks. At the same time, it adopts a defensive strategy by investing in debt and cash when markets get overvalued, making it a good long-term choice.     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 ...
Read more

Lump Sum or SIP?

Invest Mutual Fund Online     You have a lump sum in hand and you wish to invest in equity funds. However, you have heard a lot of talk about investing in equity funds through Systematic Investment Plans (SIPs) because they help average costs, ensure you do not ill-time the market, and help you invest in small sums, besides giving you many other advantages. So, should you invest the money you have in hand in one go, or let it remain in your bank account and then do an SIP? There is no harm in investing a lump sum amount. For all you know, compounding, over the long term, could work better with lump sum. However, make sure you fulfill all of these three criteria if you want to invest in one go. Else, SIP is the way to go. #1: You invest for the long term According to past data, ideally, if you have a time frame of 12 years or more, you can consider lump sum investing (provided you satisfy the other two conditions that follow). So, what is the sanctity behind 12 years? Is it because only...
Read more

Mutual Fund Review: Reliance Regular Savings Balanced

Reliance Regular Savings Balanced fund has shown great resilience during market crash After a shaky start, this fund has established itself as a strong contender in this space. In the past three years it has ridden the market well by not only delivering during the market run-ups but also displaying resilience during the crash. In 2008, it witnessed the second lowest fall among its category and last year it was amongst the top three performers with a return of 76 per cent (category average: 61%).   The poor underperformance in 2006 can well be credited to the low equity allocation of the fund, which stood at just over 10 per cent for only four months that year. Though the fund has the leeway to go up to 75 per cent in equity, it has never touched that limit. In fact, it has exceeded 70 per cent in just five months in its entire history. During the crash of 2008, the fund managers had no problem going right down to 54 per cent (equity exposure). Fund managers Omprakash Kukian and A...
Read more

Stock Market Concepts: Derivatives and taxation

DERIVATIVES refer to an instrument, which derives its value from the value of something else — that is, an underlying asset. In India, the derivatives space has traditionally been the playground for large institutional investors who use it for hedging or for speculative activities. However, with time, we have seen a steep augmentation in the per capita income of an average Indian. Consequently, the appetite for investment in alternative instruments has transcended into the need to explore untested territories, and one of the most lucrative of all the available options, is the derivatives. Taxation Of Derivatives: Let's have a sharp overview of how taxability impacts the dealings in futures and options: Futures: Since, there is no transfer or delivery of the underlying asset in case of futures, the income or loss from it cannot be taxed under the head "capital gains". Therefore, depending upon the fact whether the assessee is a trader or an investor, the head of income...
Read more

Section 80CCD

Top SIP Funds Online   Income tax deduction under section 80CCD Under Income Tax, TaxPayers have the benefit of claiming several deductions. Out of the deduction avenues, Section 80CCD provides t axpayer deductions against investments made in specific sector s. Under Section 80CCD, an assessee is eligible to claim deductions against the contributions made to the National Pension Scheme or Atal Pension Yojana. Contributions made by an employer to National Pension Scheme are also eligible for deductions under the provisions of Section 80 CCD. In this article, we will take a look at the primary features of this section, the terms and conditions for claiming deductions, the eligibility to claim such deductions, and some of the commonly asked questions in this regard. There are two parts of Section 80CCD. Subsection 1 of this section refers to tax deductions for all assesses who are central government or state government employees, or self-employed or employed by any other employers. In...
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