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The Central Board of Direct Taxes amends the Income-tax Rules, 1962 to update income tax return rules and electronic filing requirements for assessment year 2012-13 and subsequent years. Resident individuals and Hindu undivided families with foreign assets or foreign account signing authority face specific filing restrictions and electronic furnishing mandates. The rules come into force on the 1st day of April, 2012.
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GOVERNMENT OF INDIA MINISTRY OF FINANCE DEPARTMENT OF REVENUE [CENTRAL BOARD OF DIRECT TAXES]
NOTIFICATION
New Delhi, the 28th day of March, 2012
Income-tax
S.O. 626 (E).- In exercise of the powers conferred by section 295 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following rules further to amend the Income-tax Rules, 1962, namely:-
(1) These rules may be called the Income-tax (3rd Amendment) Rules,
In the Income-tax Rules, 1962,-
(A) in rule 12,–
(i) in sub-rule (1),-
(a) for the figures “2011”, the figures “2012” shall be substituted;
(b) after clause (a), the following proviso shall be inserted, namely:- “Provided that the provisions of this clause shall not apply to a person being an individual, who is a resident and has
(i) assets (including financial interest in any entity) located outside India; or
(ii) signing authority in any account located outside India.”;
(c) after clause (ca), the following proviso shall be inserted, namely:- “Provided that the provisions of this clause shall not apply to a person being an individual or Hindu undivided family, who is a resident and has
(i) assets (including financial interest in any entity) located outside India; or
(ii) signing authority in any account located outside India.”
(ii) in sub-rule(3), in the proviso, clause (a) shall be renumbered clause (aaa) and before clause (a), as so renumbered the following clauses shall be inserted, namely:-
“ (a) an individual or a Hindu undivided family, if his or its total income, or the total income in respect of which he is or it is assessable under the Act during the previous year, exceeds ten lakh rupees, shall furnish the return for the assessment year 2012-13 and subsequent assessment years in the manner specified in clause(ii) or clause(iii);
(aa) an individual or a Hindu undivided family, being a resident, having assets (including financial interest in any entity) located outside India or signing authority in any account located outside India and required to furnish the return in Form ITR-2 or ITR-3 or ITR-4, as the case may be, shall furnish the return for assessment year 2012-13 and subsequent assessment years in the manner specified in clause (ii) or clause (iii);”
(iii) in sub-rule (5), for the figures “2010”, the figures “2011” shall be substituted;
(B) in Appendix-II, for “Forms SAHAJ (ITR-1), ITR-2, ITR-3, SUGAM (ITR-4S), ITR-4 and ITR-V”, the “Forms SAHAJ (ITR-1), ITR-2, ITR-3, SUGAM (ITR-4S), ITR-4 and ITR-V” shall be substituted.
[Notification No.14 /2012/ F.No.142/31/2011 -TPL]
(Ashis Chandra Mohanty) Under Secretary to the Government of India
Note.- The principal rules were published in the Gazette of India, Extraordinary, Part-II, Section 3, Sub-section (ii) vide notification number.S.O.969(E), dated the 26th March, 1962 and last amended by Income- tax ( 2nd Amendment) Rules, 2012 vide notification S.O. No 227(E) dated 6/2/2012.
