Amendment in Substitution of Forms ITR-5 and ITR-6 Notification Issued On Dated 2-7-2012

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. (1) These rules may be called the Income-tax (7th Amendment) Rules, 2012.

(2) They shall come into force from the date of its publication in the Official Gazette.

2. In the Income-tax Rules, 1962,-

(A)  In rule 12,–

 (i)  In sub-rule (1),-

(a) In the proviso to clause (a), for the words “being an individual, who is a resident,” the following words, brackets and figures shall be substituted, namely:-

“Who is a resident, other than not ordinarily resident in India within the meaning of sub-section (6) of section 6”;

(b)  In the proviso to clause (ca), for the words “being an individual or Hindu undivided family, who is a resident,” the following words, brackets and figures shall be substituted, namely:-

“Who is a resident, other than not ordinarily resident in India within the meaning of sub-section (6) of section 6”;

 (ii)  in sub-rule (3), in the proviso, in clause (aa) after the words “being a resident,” the words, brackets and figures “other than not ordinarily resident in India within the meaning of sub-section (6) of section 6” shall be inserted;

(B)  In Appendix-II,

 (i)  For Forms ITR-5, the following shall be substituted, namely:-

 (ii)  For Form ITR-6, the following shall be substituted, namely:-

“Forms ITR-5 and ITR-6 have been separately attached”

 

Reference: rule 12 of the income tax rules, 1962

 

Return of income and return of fringe benefits

(1) The return of income required to be furnished under sub-section (1) or sub-section (3) or sub-section (4A) or sub-section (4B) or sub-section (4C) or sub-section (4D) of section 139 or clause (i) of sub-section (1) of section 142 or sub-section (1) of section 148 or section 153A relating to the assessment year commencing on the 1st day of April, 2012 shall,—

(a) In the case of a person being an individual where the total income includes income chargeable to income-tax, under the head,—

 (i)  “Salaries” or income in the nature of family pension as defined in the Explanation to clause (iia) of section 57; or

(ii)  “Income from house property”, where assessee does not own more than one house property and does not have any brought forward loss under the head; or

(iii) “Income from other sources, except winnings from lottery or income from race horses, be in Form SAHAJ (ITR-1) and be verified in the manner indicated therein:

Provided that the provisions of this clause shall not apply to a person who is a resident, other than not ordinarily resident in India within the meaning of sub-section (6) of section 6 and has

 (i)  Assets including financial interest in any entity located outside India; or

 (ii)  Signing authority in any account located outside India.

(b)  In the case of a person being an individual [not being an individual to whom clause (a) applies] or a Hindu undivided family where the total income does not include any income chargeable to income-tax under the head “Profits or gains of business or profession”, be in Form No. ITR-2 and be verified in the manner indicated therein;

(c)  in the case of a person being an individual or a Hindu undivided family who is a partner in a firm and where income chargeable to income-tax under the head “Profits or gains of business or profession” does not include any income except the income by way of any interest, salary, bonus, commission or remuneration, by whatever name called, due to, or received by him from such firm, be in Form No. ITR-3 and be verified in the manner indicated therein;

(ca) in the case of a person being an individual or a Hindu undivided family deriving business income and such income is computed in accordance with special provisions referred to in section 44AD and section 44AE of the Act for computation of business income, be in Form SUGAM (ITR-4S) and be verified in the manner indicated therein:

Provided that the provisions of this clause shall not apply to a person who is a resident, other than not ordinarily resident in India within the meaning of sub-section (6) of section 6 and has

 (i)  Assets including financial interest in any entity located outside India; or

 (ii)  Signing authority in any account located outside India

(d)  In the case of a person being an individual or a Hindu undivided family other than the individual or Hindu undivided family referred to in clause (a) or clause (b) or clause (cor clause (ca) and deriving income from a proprietary business or profession, be in Form No. ITR-4 and be verified in the manner indicated therein;

(e)  In the case of a person not being an individual or a Hindu undivided family or a company or a person to which clause (g) applies, be in Form No. ITR-5 and be verified in the manner indicated therein;

(f)  In the case of a company not being a company to which clause (g) applies, be in Form No. ITR-6 and be verified in the manner indicated therein;

(g)  in the case of a person including a company whether or not registered under section 25 of the Companies Act, 1956 (1 of 1956), required to file a return under sub-section (4A) or sub-section (4B) or sub-section (4C) or sub-section (4D) of section 139, be in Form No. ITR-7 and be verified in the manner indicated therein;

(2) The return of income required to be furnished in Form SAHAJ (ITR-1) or Form No. ITR-2 or Form No. ITR-3 or Form SUGAM (ITR-4S) or Form No. ITR-4 or Form No. ITR-5 or Form No. ITR-6 shall not be accompanied by a statement showing the computation of the tax payable on the basis of the return, or proof of the tax, if any, claimed to have been deducted or collected at source or the advance tax or tax on self-assessment, if any, claimed to have been paid or any document or copy of any account or form or report of audit required to be attached with the return of income under any of the provisions of the Act.

(3) The return of income referred to in sub-rule (1) may be furnished in any of the following manners, namely:—

 (i)  Furnishing the return in a paper form;

(ii)  Furnishing the return electronically under digital signature;

(iii) Transmitting the data in the return electronically and thereafter submitting the verification of the return in Form ITR-V;

(iv) Furnishing a bar-coded return in a paper form:

Provided that—

(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, other than not ordinarily resident in India within the meaning of sub-section (6) of section 6 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);

(aaa) a firm required to furnish the return in Form ITR-5 or an individual or Hindu Undivided Family (HUF) required to furnish the return in Form ITR-4 and to whom provisions of section 44AB are applicable, shall furnish the return for assessment year 2011-12 and subsequent assessment years in the manner specified in clause (ii);

(ab) a company required to furnish the return in Form ITR-6 shall furnish the return for assessment year 2010-11 and subsequent assessment years in the manner specified in clause (ii);

(b)  a person required to furnish the return in Form ITR-7 shall furnish the return in the manner specified in clause (i).

(4) The Director-General of Income-tax Systems shall specify the procedures, formats and standards for ensuring secure capture and transmission of data and shall also be responsible for evolving and implementing appropriate security, archival and retrieval policies in relation to furnishing the returns in the manners specified in clauses (ii), (iii) and (iv) of sub-rule (3).

(5) Where a return of income relates to the assessment year commencing on the 1st day of April, 2011 or any earlier assessment year, it shall be furnished in the appropriate form as applicable in that assessment year.

Reference: Section 295 of the income Tax Act, 1961

Power to make rules

(1) The Board may, subject to the control of the Central Government, by notification in the Gazette of India, make rules for the whole or any part of India for carrying out the purposes of this Act.

(2) In particular, and without prejudice to the generality of the foregoing power, such rules may provide for all or any of the following matters:—

(a)  the ascertainment and determination of any class of income;

(b)  the manner in which and the procedure by which the income shall be arrived at in the case of—

 (i)  income derived in part from agriculture and in part from business;

(ii)  persons residing outside India;

[(iii) an individual who is liable to be assessed under the provisions of sub-section (2) of section 64;

(c)  the determination of the value of any perquisite chargeable to tax under this Act in such manner and on such basis as appears to the Board to be proper and reasonable;

(d)  the percentage on the written down value which may be allowed as depreciation in respect of buildings, machinery, plant or furniture;

(dd) the extent to which, and the conditions subject to which, any expenditure referred to in sub-section (3) of section 37 may be allowed;

(dda) the matters specified in sub-sections (2) and (3) of section 44AA;

(e)  

(ee) the conditions or limitations subject to which any payment of rent made by an assessee shall be deducted under section 80GG;

(eea) the cases, the nature and value of assets, the limits and heads of expenditure and the outgoings, which are required to be prescribed under sub-section (6) of section 139;

(eeb) the time within which any person may apply for the allotment of a permanent account number, the form and the manner in which such application may be made and the particulars which such application shall contain and the transactions with respect to which permanent account numbers shall be quoted on documents relating to such transactions under section 139A;

(eeba) the documents, statements, receipts, certificates or audited reports which may not be furnished along with the return but shall be produced before the Assessing Officer on demand under section 139C;

(eebb) the class or classes of persons who shall be required to furnish the return of income in electronic form; the form and the manner of furnishing the said return in electronic form; documents, statements, receipts, certificates or reports which shall not be furnished with the return in electronic form and the computer resource or electronic record to which such return may be transmitted under section 139D;

(eec) the form of the report of audit and the particulars which such report shall contain under sub-section (2A) of section 142;

(f)  the manner in which and the period to which any such income as is referred to in section 180 may be allocated;

(fa) the form and manner in which the information relating to payment of any sum may be furnished under sub-section (6) of section 195;

(g)  the authority to be prescribed for any of the purposes of this Act;

(h)  the procedure for giving effect to the terms of any agreement for the granting of relief in respect of double taxation or for the avoidance of double taxation which may be entered into by the Central Government under this Act;

(i)  the form and manner in which any application, claim, return or information may be made or furnished and the fees that may be levied in respect of any application or claim;

(j)  the manner in which any document required to be filed under this Act may be verified;

(k) the procedure to be followed on applications for refunds;

(kk) the procedure to be followed in calculating interest payable by assessees or interest payable by Government to assessees under any provision of this Act, including the rounding off of the period for which such interest is to be calculated in cases where such period includes a fraction of a month, and specifying the circumstances in which and the extent to which petty amounts of interest payable by assessees may be ignored;]

(l)  the regulation of any matter for which provision is made in section 230;

(m) the form and manner in which any appeal or cross-objection may be filed under this Act, the fee payable in respect thereof and the manner in which intimation of any such order as is referred to in clause (c) of sub-section (2) of section 249 may be served;

(mm) the circumstances in which, the conditions subject to which and the manner in which, the Commissioner (Appeals) may permit an appellant to produce evidence which he did not produce or which he was not allowed to produce before the Assessing] Officer;

(mma) the form in which the statement under section 285B shall be delivered to the Assessing Officer;

(n)  the maintenance of a register of persons other than legal practitioners or accountants as defined in sub-section (2) of section 288 practicing before income-tax authorities and for the constitution of and the procedure to be followed by the authority referred to in sub-section (5) of that section;

(o)  the issue of certificate verifying the payment of tax by assessees;

(p)  any other matter which by this Act is to be, or may be, prescribed.

(3) In cases coming under clause (b) of sub-section (2), where the income liable to tax cannot be definitely ascertained, or can be ascertained only with an amount of trouble and expense to the assessee which in the opinion of the Board is unreasonable, the rules made under this section may—

(a)  prescribe methods by which an estimate of such income may be made; and

(b)  in cases coming under sub-clause (i) of clause (b) of sub-section (2) specify the proportion of the income which shall be deemed to be income liable to tax,

and an assessment based on such estimate or proportion shall be deemed to be duly made in accordance with the provisions of this Act.

(4) The power to make rules conferred by this section shall include the power to give retrospective effect, from a date not earlier than the date of commencement of this Act, to the rules or any of them and, unless the contrary is permitted (whether expressly or by necessary implication), no retrospective effect shall be given to any rule so as to prejudicially affect the interests of assessees.


 

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