E-filing of audit report and return mandatory with 5 lakh or more income
CBDT mandates e-filing of audit report and return with 5 lacs income; no more ITR 1 if Sec 10 benefit exceeds 5k Income-tax (3rd Amendment) Rules, 2013 redefine the conditions and eligibility to choose from a variety of Income-tax return forms. In addition, certain important amendments have also been made in, which are as follows:
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Form
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Existing position
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New Position
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Form Sahaj
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Return in ITR 1 can't be filed if assessee incurs losses under the head 'Income from other sources'
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(ITR 1)
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An individual if his total income includes:
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An individual if his total income includes:
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(a) Salary and family pension;
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(a) Salary and family pension;
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(b) Income from one house property (excluding losses);
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(b) Income from one house property (excluding losses);
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(c) Income from other sources but does not include:
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(c) Income from other sources but does not include:
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• Winnings from lottery; and
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• Winnings from lottery;
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• Winnings from horse races.
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• Winnings from horse races; and
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• Loss under this head.
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Form Sahaj
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Return in ITR 1 can't be filed if assessee claims tax relief or has any income which is exempt under Chapter III
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(ITR 1)
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Return in ITR 1 cannot be filed by a resident person (other than not ordinarily resident in India), if he has:
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Return in ITR 1 cannot be filed by a resident person (other than not ordinarily resident in India), if he has:
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(a) Any asset (including financial interest) located outside India;
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(a) Any asset (including financial interest) located outside India;
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(b) Signing authority in any account located outside India.
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(b) Signing authority in any account located outside India;
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(c) Claimed any relief of tax under Section 90, 90A or 91;
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(d) Incomme 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.
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Form Sugam
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Return in ITR 4S can't be filed if assessee claims tax relief or has any income which is exempt under Chapter III
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(ITR 4S)
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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:
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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:
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(a) Any asset (including financial interest) located outside India;
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(a) Any asset (including financial interest) located outside India;
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(b) Signing authority in any account located outside India.
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(b) Signing authority in any account located outside India;
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(c) Claimed any tax relief under Section 90, 90A or 91;
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(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.
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Audit Report
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Mandatory e-filing of audit reports
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No such requirement
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E-filing of following audit reports shall be mandatory in following cases:
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(a) Audit report under Sec. 44AB in respect of books of account;
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(b) Audit report under Sec. 92E in respect of international transaction; or
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(c) Audit report under Sec. 115JB in respect of MAT computation.
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Mandatory e-filing of return
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Mandatory e-filing of return if income exceeds Rs. 5,00,000 or assessee claims tax relief
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It is mandatory for an individual or an HUF to e-file the return of income if its total income exceeds Rs. 10,00,000
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(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
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(b) Every person claiming tax relief under Section 90, 90A or 91 shall file return in electronic mode.
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