(1) An individual or HUF must
file the return of income electronically for the previous year 2011-12 and
subsequent previous year if his/its total income exceeds Rs. 10 lakhs.
(2) A resident Individual
or a resident HUF must file the return of income electronically for the
previous year 2011-12 and subsequent previous year, if he/it has:
(a)
assets (including financial interest in any entity) located outside India; or
(b)
signing authority in any account located outside India.
(3)
The prescribed ITR Form SAHAJ
– ITR 1 cannot be used by a
resident Individual to file his return of income, if he has:
(a)
assets (including financial interest in any entity) located outside India; or
(b)
signing authority in any account located outside India.
(4)
The Form SUGAM – ITR 4S, prescribed
in the case of an individual or a HUF deriving business income and such income
is computed in accordance with special provisions referred to in section 44AD
and section 44AE of the Act, cannot be used by a resident Individual or a
resident HUF to file the return of income, if he/it has:
(a)
assets (including financial interest in any entity) located outside India; or
(b)
signing authority in any account located outside India.
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