By Manoj Kumar FCA 9810764620

Income Tax Return Forms

ITR Forms ITR-1, Sahaj Details Individuals having i. Salary Income ii. Income from house property iii. Income from other sources (except income from lottery or from horse races or does not have any loss under any head) subject to the proviso

ITR-2

For Individuals and HUFs not having income from business or profession and can't file return in ITR 1
For individuals/ HUFs being partners in firms and not carrying out business or profession under any proprietorship and having income only from partnership firm

ITR-3

ITR-4

For individuals and HUF having income from a proprietary business or profession For Individual or HUF having income under 44AD and section 44 AE of income tax act subject to the proviso For Firms. AOP or BOI For companies other than companies claiming exemption u/s 11 For persons including companies required to furnish return u/s section 139(4A) or 139 (4B) or 139 (4C) or 139 (4D).

ITR-4 Sugam

ITR-5 ITR-6 ITR-7

A.Y.2013-14 and Changes in ITR Forms

.

Amendments in I.T. Act for

Difference ITR 1 (SAHAJ )

Applicability

Existing
An individual if his total income includes: (a) Salary and family pension (b) Income from one house property (excluding losses); (c) Income from other sources but does not include: Winnings from lottery; and Winnings from horse races Return in ITR 1 cannot be filed by a resident person (other than not ordinarily resident in India), if he has: (a) Any asset (including financial interest) located outside India; (b) Signing authority in any account located outside India.

New Position
An individual if his total income includes: (a) Salary and family pension; (b) Income from one house property (excluding losses); (c) Income from other sources but does not include: Winnings from lottery; Winnings from horse races; and Loss under any head. Return in ITR 1 cannot be filed by a resident person (other than not ordinarily resident in India), if he has: (a) Any asset (including financial interest) located outside India; (b) Signing authority in any account located outside India; (c) Claimed any relief of tax under Section 90, 90A or 91; (d) Income exceeding Rs. 5,000 which is not chargeable to tax. In other words, if assessee claims exemption in respect of any income under Section 10, 10A, 10AA, etc.

Non applicability

Difference
Part A GEN

Existing Position
Return filled Before due date -139 (1) After due date -139(4) Revised return 139(5) OR Revised return u/s 139 (5) or in response of notice 142(1) 148 153A/ 153 C

New Position
Return filled Before due date -139 (1) After due date -139(4) Revised return 139(5) OR Revised return u/s 139 (5) or in response of notice 142(1) 148 153 A /153 C 139 (9)

PART D Type of account Bank Detail

only account no. only in refund cases

Current account saving s account All cases ( irrespective of refund or not) IFSC Code mandatorily

Difference ITR -2,34,5,6,7 Schedule CG

Existing Position

New Position

W.r.t. non-residents earning any short term capital gain on transfer of shares/units, the capital gain has to be shown separately for Securities Transaction Tax (STT) paid shares/units and otherwise. No such requirement. Ref. to investment in equity shares of an eligible company to obtain relief from long term capital gains tax (Section 54GB of the Act) has been included. PAN of eligible company should be quoted.(NA FOR ITR 5,67)

Inserted SCH FSI ( Details of income accruing or arising out side India)

Details required : Country Code Taxpayer Identification No Income earned identified separately for all five sources of income. Bifurcation of total income value where tax treaty is applicable or not.

No such requirement.

Difference

Existing Position

New Position

ITR -2,3,4,5,6,7
Schedule TR ( Detail of taxes paid outside India ) Country name Country code Taxpayer identification no. Income Tax paid Tax relief claimed Country code Taxpayer identification no. Relevant article of DTAA Tax relief claimed u/s 90 / 90A u/s 91 Total tax bifurcated where DTAA is applicable or where is not applicable.

Schedule FA ( Detail of Foreign assets) Mention Account no. in which tax payer has signing authority. Not applicable.

- Detail of foreign assets -Detail of financial interest in any entity -Details of immovable property -Details of any other assets in the nature of investment -Details of accounts in which the asssessee has signing authority and which has not been included in above -details of trust created under law of a country outside india, in which the assessee is a trustee

Difference

Existing Position

New Position

ITR -3,4
Inserted Schedule AL (Applicable when total income exceeds Rs.25lakh ) Details required : Details of immovable assets land, building Detail of moveable Assets like bank (including all deposits) , share & securities , insurance policies, loans and advances given cash in hand, jewelry, bullion , archaeological collections, drawings, painting, sculpture or any work of art, vehicles, yachts, boats and aircrafts. Details of loans against these assets. Notes value has to be reported at cost.

No such requirement.

ITR 4S ( SUGAM) Non applicabilit y

Return in ITR 4S cannot be filed by an Individual or a HUF deriving income as referred to in Sections 44AD or 44AE, if it has: Any asset (including financial interest) located outside India Signing authority in any account located outside India.

Return in ITR 4S cannot be filed by an Individual or a HUF deriving income as referred to in Sections 44AD or 44AE, if it has: Any asset (including financial interest) located outside India Signing authority in any account located outside India. Claimed any tax relief under Section 90, 90A or sec .91. Income exceeding Rs. 5,00 0 which is not chargeable to tax. In other words, if assessee claims exemption in respect of any income under Section 10, 10A, 10AA, etc. Return filled Before due date -139 (1) After due date -139(4) Revised return 139(5) OR In response of notice 139(9) defective 142 (1) 148 153A / 153C 92 CD

ITR 5 , 6 ,7
Part A GEN

Return filled Before due date -139 (1) After due date -139(4) Revised return 139(5) OR In response of notice 139(9) defective 142 (1) 148 153A / 153C

Changes in ITR 6
Designed in accordance with schedule-VI
Share Application Money pending allotment

-Pending for less than a year - Pending for more than a year Non Current Liabilities -Deposit from related parties - Loan and advance from related parties

 Trade payables
- Outstanding for more than a year - others Long term loans and advances

-for the purpose of business or profession

-

not for the purpose of business or profession -given to shareholder, being the beneficial owner of share, or to any concern or on behalf/ benefit of such shareholder as per section 2(22)(e) of I.T. Act

 Expenses to be disclosed into:

To non resident other than a company or a

Foreign company To others

Commission
Royalty Professional / Consultancy fees / Fee for technical

services Interest

 Bad debts written off

- Specify PAN of the person, if it is available, for whom Bad Debt for amount of Rs.1 lakh 0r more is claimed and amount
-Others (more than Rs. 1 lakh) where PAN is not available

-Others (amounts less than Rs. 1 lakh)

-Applicability to ITR 5 also depending upon its constitution

AMT AND AMTC-115 JC and 115 JD

The finance Act 2012 extended the scope of person covered under

Alternate Minimum Tax u/s 115JC and hence, suitable amendments has been brought in the ITR For 4,5, and 7 providing for AMC and AMTC by introducing schedule AMT and AMTC.

Schedule AMTC

-Mandatorily e filling of Income Tax

Return
CBDT has vide notification No. 34/2013 dated 01.05.2013

has made it mandatory for the following category of the Assesses to file their Income Tax Return Online from A.Y. 2013-14 : (a) It is mandatory for every person (not being a co. or a person filing return in ITR 7) to e-file the return of income if its total income exceeds Rs. 5,00,000. (b) 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.

 (c) Every person claiming tax relief under Section 90,

90A or 91 shall file return in electronic mode. (d) Those who are required to get their Account under Section 44AB-DSC (e) 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 ITR4 and to whom provisions of section 44AB applicable-DSC (f) A company required to furnish the return in Form ITR-6- DSC

 In case account / report is required to be audited u/s

44AB, 92E, 115JB, 10 (23C) (iv), (v), (vi) or (via), 10A, 12(1)(b), 80-IA, 80-IB, 80-IC, 80-ID, 80JJAA, 80LA.
ITR 7 is optional to be filed on line.

SOME OTHER IMPORTANT INCLUSIONS IN NEW

Name of the Country . Provision made for two email ids. One for assessee & other of professional Intermediary Under the Schedule 'Deductions': Sec. 80CCD bifurcated into two Parts namely Sec80CCD(1) & 80CCD(2). Sec 80CCG inserted. (Rajiv Gandhi Equity Saving Scheme.) Sec 80TTA inserted. (Deduction in respect of Interest on Deposit in savings Account)
IFSC code to be mentioned under the head 'Bank account detail'. Now MICR code is not required. In "SAHAJ & SUGAM" forms, now the assessee has to specify, whether Income from House Property is from Self Occupied House or from Let Out House. This option was not there in earlier forms. Date of Furnishing of Audit report' is now inserted under the head 'Audit Information' in ITR - 4. Another new addition in ITR-4 is " Whether Tax Payer is liable to furnish a report u/s 92E

Now 'Income from wining from Lotteries, crossword puzzles, races, games, gambling, betting etc'. is to be shown separately under the sub head 'Income from other Sources' in Schedule TI (Total Income).
Now 'Income Chargeable to Tax at Special Rates' is also to be shown separately under the Schedule TI (Total Income). TAX Payable on Deemed Total Income u/s 115JC & Tax Credit available u/s115JD' is now to be shown separately under the Schedule 'Computation of Tax Liability' & its detailed calculation is to be given in 'Schedule AMT & AMTC' respectively.

'Rebate on Agricultural Income' is now to be shown separately in the Schedule 'Computation of Tax Liability by reducing it from the Taxes computed at Normal Special Rates, to arrive at Tax Payable on Total Income.

Additions & Deductions in accordance with sec 28 to 44DA are now to be shown separately while computing Income from Specified Business in Schedule BP of ITR4.

In Schedule 80-IB , Deduction in relation to operating & maintaining a hospital in any area other than excluded area (clause 11C), has been inserted. In ITR-3, in Schedule IF (Information regarding partnership firm)- Assessee is now required to state, whether the firm is liable for audit or not?.

Manner of furnishing online return

i.
ii.

Furnishing the Return in paper Form.

Furnishing the return electronically under DSC.

iii. Transmitting the data in the Return electronically and thereafter submitting the

verification of the Return in Form ITR V.

iv. Furnishing the Bar Coded Return in a Paper Form.

 ON LINE FILLING OF AUDIT REPORT

Procedure for on filling Audit Report

The chartered accountants qualified to conduct the audit

will go to Income Tax e- filling web site and click on Register yourself and then provide the following information: Name as per ICAI records Membership number Date since member Password to be created DSC E-mail id Mobile No.

 After registration you will receive an activation link on email id

provided during registration now you will have to click on the link to complete the registration process. Once complete the registration process, you can now login by using user id as ARCA (authorized representative CA) prefixing with your membership number. E.g.. ARCA654321. with date of birth and password

Assessees Accounts
STEP 2

This step is to be done by the assessee .Assessee, who needs to get his account audited u/s 44AB of the Act, shall add the CA who is going to or has signed his tax audit report by following steps given below: Login with the user id and password of the assessee Go to my account Add CA Enter the membership no. of CA from whom the assessee wants or got his account audited and the system will automatically reflects the name of the CA only if he is already registered as tax professional as mentioned in Step 1

 Select the form name 3CB/CD or 3CA/CD

E-mail will be sent to selected CA about the adding

his as CA of a particular assessee. E-mail will be sent to assessee also regarding the addition/change in CA.

 STEP 3 Now this

step is similar to generating XML file for filing ROI, Download excel utility form of the tax audit report from the link given below, fill it completely and generate the XML file or it can be done through software https://incometaxindiaefiling.gov.in/eFiling/UserLogin/Logi nHome.html?nextPage=efile Go to download Forms (other than ITR) Form 3CD has 4 pages and each page has save button so that the information can be filled and saved page wise.
After filling the form validate it and if there is any mistake, the

same will be highlighted - generate XML file

 STEP 4

Balance Sheet and Profit and Loss Account is

required to be attached or uploaded (in PDF format) with the XML file of tax audit report, prepare the final balance sheet and profit and loss account before submitting the tax audit report.

 STEP 5

After preparing all the documents now upload it on efiling portal of income tax by following steps: Go to the link https://incometaxindiaefiling.gov.in/eFiling/Logout.html?ID=872639272 Login with user id and password (e.g.ARCA654321) Go to the menu E-file Select the option upload forms Fill out the required details and submit it.

 STEP 6
This step is to be followed either by the assessee or by CA by using

user id and password of

assessee.

Assessee whose tax audit report has been uploaded and submitted by

the CA, (in step 5) is requiring approving the tax audit report. Steps to be followed: Login with the user id and password of assessee Go to work list Approve the tax audit report

Assessee can review the uploaded tax audit report;

balance sheet and profit and loss account by CA and has the power to reject them. In that case the complete procedure of filing after registration has to be done again.

 NOTE : It is necessary for assessee (for CA if using assessees user ID and password) to approve

the tax audit report uploaded by CA before the due date of filing the tax audit report else it will be assumed that no tax audit report has been furnished by the assessee.

HAVE

A DELIGHTFUL E -FILING

THANKS MANOJ KUMAR MANOJ KUMAR MITTAL & CO. 9810764620 Manojmittal2005@yahoo.com