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

Am you Required to E-file Tax Return?

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   Am I Required to 'E-file' My Return? Yes, under the law you are required to e-file your return if your income for the year is Rs. 500,000 or more. Even if you are not required to e-file your return, it is advisable to do so for the following benefits: i) E-filing is environment friendly. ii) E-filing ensures certain validations before the return is filed. Therefore, e-returns are more accurate than the paper returns. iii) E-returns are processed faster than the paper returns. iv) E-filing can be done from the comfort of home/office and you do not have to stand in queue to e-file. v) E-returns can be accessed anytime from the tax department's e-filing portal. For further information contact Prajna Capit...
Read more

IDFC - Long term infrastructure bonds - Tranche 2

IDFC - Long term infrastructure bonds What are infrastructure bonds? In 2010, the government introduced a new section 80CCF under the Income Tax Act, 1961 (" Income Tax Act ") to provide for income tax deductions for subscription to long-term infrastructure bonds and pursuant to that the Central Board of Direct Taxes passed Notification No. 48/2010/F.No.149/84/2010-SO(TPL) dated July 9, 2010. These long term infrastructure bonds offer an additional window of tax deduction of investments up to Rs. 20,000 for the financial year 2010-11. This deduction is over and above the Rs 1 lakh deduction available under sections 80C, 80CCC and 80CCD read with section 80CCE of the Income Tax Act. Infrastructure bonds help in intermediating the retail investor's savings into infrastructure sector directly. Long term infrastructure Bonds by IDFC IDFC issued an earlier tranche of these long term infrastructure bonds on November 12, 2010. This is the second public issue of long-te...
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

ULIP Review: ProGrowth Super II

  If you are interested in a death cover that's just big enough, HDFC SL ProGrowth Super II is something worth a try. The beauty is it has something for everybody — you name the risk profile, the category is right up there. But do a SWOT analysis of the basket, and the gloss fades     HDFC SL ProGrowth Super II is a type-II unit-linked insurance plan ( ULIP ). Launched in September 2010, this is a small ticket-size scheme with multiple rider options and adequate death cover. It offers five investment options (funds) — one in each category of large-cap equity, mid-cap equity, balanced, debt and money market fund. COST STRUCTURE: ProGrowth Super II is reasonably priced, with the premium allocation charge lower than most others in the category. However, the scheme's mortality charge is almost 60% that of LIC mortality table for those investing early in life. This charge reduces with age. BENEFITS: Investors can choose a sum assured between 10-40 times the annualised premium...
Read more

Bharat Bond ETF

Top SIP Funds Online   The government of India has paved the way for the launch of India's first corporate bond ETF called as Bharat Bond ETF. Edelweiss Mutual Fund will be managing it. The fund is mandated to invest in AAA-rated bonds of select public sector companies (see the table 'List of constituents and their proportions in the portfolio'). The government has a threefold objective behind launching this product. One, to deepen the liquidity of the Indian debt markets and provide a gateway for easy retail participation. Two, to solve investors' dilemma of picking premium bonds. Lastly, to help the underlying government-owned companies raise funding for their operations. But does it make sense for you, the investor, to invest in it? Lets find out. What is the product? As the name suggests, it is an exchange-traded fund which will be listed on a stock exchange from where its units can be bought and sold post launch. It will have two variants - one maturing in 3 ye...
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