The due date for filing 2012-13 tax returns for individuals/ Hindu Undivided Family (HUF) is fast approaching, and the Government has notified the return forms. The key amendments and new reporting requirements are explained here, which relate to the categories of persons (and the applicable forms) and certain disclosure requirements.

Individuals/ HUFs cannot file returns in form ITR-1 (SAHAJ) or ITR-4S (SUGAM) if he/ she

is entitled to tax relief under section 90 or 90A of the Income-tax Act, 1961 (for example, if entitled to claim foreign tax credit on doubly-taxed income under the relevant double tax avoidance agreement the foreign country has with India) ; or

is entitled to deduction of tax under section 91 of the Act; or

has exempt income exceeding Rs 5,000.

An individual having a loss under the head ‘income from other sources’ will not be eligible to file his return of income in ITR-1.

Now, overseas income should be reported appropriately:

Income earned abroad to be reported separately under a new Schedule FSI in forms (other than ITR-1);

Foreign income to which provisions of tax treaty apply/ does not apply should be shown separately;

In the absence of Tax Identification Number, the passport number should be quoted.

Resident taxpayers should report additional details of overseas assets including

foreign bank account number;

details of offshore trusts in which they are trustees, along with the prescribed details.

Individuals/ HUFs having a business/ profession or are partners in partnership firms should now report the following domestic assets where total income exceeds Rs 25 lakh (Schedule AL in ITR-3 and ITR-4):

Immovable and movable assets such as land, building, bank deposits, jewellery, boats, paintings, yachts, and so on at cost;

Any liability against these assets.

The following taxpayers should now mandatorily file their return electronically:

Where taxable income exceeds Rs 5 lakh;

Where the taxpayer is claiming treaty relief or credit of tax paid in a foreign country.

In all the tax forms, the bank MICR (magnetic ink character recognition) code has been replaced with the IFSC (the 11-character alphanumeric Indian Financial System Code code). The table outlines the various forms and their applicability, for easy reference.

Homi Mistry is Partner, Niji Arora is Manager, and Vivek Mistry is Deputy Manager, Deloitte Haskins & Sells

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