1P.G. KUKREJA ASSOCIATES

Important Amendment made in ITR Form –Income Tax Rules for the Assessment Year P.G. KUKREJA ASSOCIATES

3

4

5

Schedule FADetails of Foreign Assets ADetails of Foreign Bank Accounts Sl No Country NameCountry Code Name and Address of the Bank Name mentioned in the account Peak Balance During the Year (in rupees) (1)(2)(3)(4)(5)(6) i ii A) Details of foreign Bank Accounts held by Individuals Abroad. 6P.G. KUKREJA ASSOCIATES

B Details of Financial Interest in any Entity Sl No Country NameCountry Code Nature of entity Name and Address of the Entity Total Investment (at cost) (in rupees) (1)(2)(3)(4)(5)(6) i ii B) Details of financial Interest in any Entity. 7P.G. KUKREJA ASSOCIATES

C Details of Immovable Property Sl No (1) Country Name (2) Country Code (3) Address of the Property (4) Total Investment (at cost) (in rupees) (5) (i) (ii) C)Details of Immovable Property of any individual at abroad 8P.G. KUKREJA ASSOCIATES

D Details of any other Asset Sl No (1) Country Name (2) C ountry Code (3) Nature of Asset (4) Total Investment (at cost) (in rupees) (5) (i) (ii) D)Details of any other Assets. 9P.G. KUKREJA ASSOCIATES

E Details of account(s) in which you have signing authority and which has not been included in A to D above. Sl No (1) Name of the Institution in which the account is held (2) Address of the Institution (3) Name mentioned in the account (4) Peak Balance/Investment during the year (in rupees) (5) (i) (ii) E)Details of accounts in which one have signing authority and which has not been included in A and D above. 10P.G. KUKREJA ASSOCIATES

New Filing Requirements for Foreign Assets SIMILAR UNDER US LAWS The Foreign Account Tax Compliance Act (FATCA) Individuals with a Reporting Obligation under FATCA. Employee Benefits Required to be Reported as Foreign Financial Assets on Form P.G. KUKREJA ASSOCIATES

Other Amendment in form ITR 2 Addition of Schedule TR – TAX RELIEF tax relief claimed under sections 90/90A/91 12P.G. KUKREJA ASSOCIATES

DTAA Agreements with nearly 82 countries Armenia Armenia, Australia, Austria, Bangladesh, Belarus, Belgium, Brazil, Bulgaria, Canada, China, Cyprus, Czech Republic, Denmark, Egypt, Finland, France, Germany, Greece, Hashemite Kingdomof Jordan, Hungary, Iceland, Indonesia, Israel, Italy, Japan, Kazakstan, Kenya, Korea, KUWAIT, Kyrgyz Republic, Libya, Malaysia, Malta, Mauritius, Mongolia, Morocco, Namibia, Nepal, Netherlands, New Zealand, Norway, Oman, Philippines, Poland, Portuguese Republic, Qatar, Romania, Russia, Singapore, Slovenia, South Africa, Spain, Sri Lanka, Sudan, Sweden, Swiss, Confederation, Syria, Tanzania, Thailand, Trinidad and Tobago, Turkey, Turkmenistan, UAE, UAR (Egypt), UGANDA, UK, Ukraine, USA, Uzbekistan, Vietnam, Zambia Australia Austria Bangladesh Belarus Belgium Brazil Bulgaria Canada China Cyprus Czech Republic Denmark Egypt Finland France Germany Greece Hashemite Kingdomof Jordan Hungary Iceland Indonesia Israel Italy Japan Kazakstan Kenya Korea KUWAIT Kyrgyz Republic Libya Malaysia Malta Mauritius Mongolia Morocco Namibia Nepal Netherlands New Zealand Norway Oman Philippines Poland Portuguese Republic Qatar Romania Russia Singapore Slovenia South Africa Spain Sri Lanka Sudan Sweden Swiss, Confederation, Syria, Tanzania, Thailand Trinidad and Tobago Turkey Turkmenistan UAE UAR (Egypt)UGANDA UK Ukraine USA Uzbekistan Vietnam Zambia 13P.G. KUKREJA ASSOCIATES

Section 206AA. T ax shall be deducted at higher of the following rates :- At the rate specified in the relevant provisions of this Act; or At the rates in force (as per treaty); or At the rate of 20 %. 14P.G. KUKREJA ASSOCIATES

Addition of Schedule 80 G Capital Gain (Para B-TI) :- Schedule HP – House Property Schedule UD :- Unabsorbed Depreciation :- 15P.G. KUKREJA ASSOCIATES

AMENDMENTS RELATING TO REASSESSMENT IN S P.G. KUKREJA ASSOCIATES

THE TERM FINANCIAL INTEREST 17P.G. KUKREJA ASSOCIATES

SECTION 9(1)(i) Explanation 5 18P.G. KUKREJA ASSOCIATES

Amendment to Section P.G. KUKREJA ASSOCIATES

Amendment to Section 149(3) 20P.G. KUKREJA ASSOCIATES

Sr No.Form No.Description / Summary 1 ITR - 1 (SAHAJ)* Individual having income classified as: 1. Salaries 2. House Property (where the individual does not own more than one house property 3. Income from Other Sources (except winnings from lottery or income from race horses) Summary of ITR -Forms 21P.G. KUKREJA ASSOCIATES

2 ITR – 2 For Individual and Hindu Undivided Family (HUF) not having income under the head ‘Business and Profession’. 22P.G. KUKREJA ASSOCIATES

3 ITR – 3 For Individual/HUF being partners in firms and not carrying out business or profession as a proprietorship concern 23P.G. KUKREJA ASSOCIATES

4ITR – 4S (SUGAM)* For Individual/HUF deriving income under the head ‘Business and Profession’ and having opted for being taxed under sections 44AD and 44AE (presumptive basis of taxation) 24P.G. KUKREJA ASSOCIATES

5 ITR – 4 For Individual and HUF having income from a proprietary business or profession 25P.G. KUKREJA ASSOCIATES

Individual and HUF assessees, who are residents and have assets (including financial interest in any entity) located outside India or signing authority in any account located outside India, cannot use the Forms ITR-1 (SAHAJ) or ITR – 4S (SUGAM), as the case may be. Form 1S and 4S not to be used 26P.G. KUKREJA ASSOCIATES

Clarity on GAAR to attract long-term money 27P.G. KUKREJA ASSOCIATES

Received on Proposed changes in Finance Bill, ) Withdrawal of TDS on purchase of Immovable Property 2) Retrospective amendment to Sec. 9 not applicable where assessment order already passed 3) GAAR : Provisions postponed, now effective from ) GAAR : Provisions as to onus of proof shifted to revenue 5) GAAR : Advance Ruling applicable to GAAR cases 6) GAAR : Constitution of approving panel changed 7) STT on sale of unlisted securities at 0.2% 8) No excise duty on purchase of jewellery upto Rs. 5 lakhs 28P.G. KUKREJA ASSOCIATES

The CBDT has recently notified that Form 16A’s issued by all deductor’s in respect of tax withheld on or after 1 April 2012 Type of DeductorIssue of TDS certificate in Form 16A downloaded from the TIN Website from 1 April 2011 until 31 March 2012 Issue of TDS certificate in Form 16A downloaded from the TIN Website effective from 1 April 2012 CompanyMandatory Other than Company Deductor Optional Mandatory 29P.G. KUKREJA ASSOCIATES

30P.G. KUKREJA ASSOCIATES

P. G. Kukreja Associates Chartered Accountants 3, Shewa Apartments, 33-B 3 rd Road, Khar (W), Mumbai – P.G. KUKREJA ASSOCIATES