New changes in tax return forms for the a/y 2013-14

Rahul Suneja (CA-Final, CS-Exec) (215 Points)

04 May 2013  

 

Good Morning to All CCItes 

 

CBDT vide NOTIFICATION NO. 34/2013 [F.NO.142/5/2013-TPL]/SO 1111(E), DATED 1-5-2013 Incorporated new changes in  Income tax return filing forms for the A/Y 2013-14 as below: 
 
- Return in ITR 1 can't be filed if assessee incurs losses under the head 'Income from other sources
- Return in ITR 1 can't be filed if assessee claims tax relief or has any income which is exempt under Chapter III
-Return in ITR 4S can't be filed if assessee claims tax relief or has any income which is exempt under Chapter III
-Mandatory e-filing of audit reports
-Mandatory e-filing of return if income exceeds Rs. 5,00,000 or assessee claims tax relief
-Mandatory e-filing of return if income exceeds Rs. 5,00,000 or assessee claims tax relief
-List of forms to be used by different persons for filing of return of income for the Assessment Year 2013-14
 
 
  A comparative chart and list of tax return forms is given below :-

 
Form
Existing position
New Position
Form Sahaj
(ITR 1)
Return in ITR 1 can't be filed if assessee incurs losses under the head 'Income from other sources'
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.
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 this head.
Form Sahaj
(ITR 1)
 Return in ITR 1 can't be filed if assessee claims tax relief or has any income which is exempt under Chapter III
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.
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) 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.
Form Sugam
(ITR 4S)
Return in ITR 4S can't be filed if assessee claims tax relief or has any income which is exempt under Chapter III
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:
(a)  Any asset (including financial interest) located outside India;
(b)  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:
(a)  Any asset (including financial interest) located outside India;
(b)  Signing authority in any account located outside India;
(c)  Claimed any tax relief 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.
Audit Report
Mandatory e-filing of audit reports
No such requirement
E-filing of following audit reports shall be mandatory in following cases:
(a)  Audit report under Sec. 44AB in respect of books of account;
(b)  Audit report under Sec. 92E in respect of international transaction; or
(c)  Audit report under Sec. 115JB in respect of MAT computation.
Mandatory e-filing of return
Mandatory e-filing of return if income exceeds Rs. 5,00,000 or assessee claims tax relief
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
(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)  Every person claiming tax relief under Section 90, 90A or 91 shall file return in electronic mode.
       
 
List of forms to be used by different persons for filing of return of income for the Assessment Year 2013-14
Individual and HUF
Nature of income
ITR 1 (Sahaj)
ITR 2
ITR 3
ITR 4
ITR 4S (Sugam)
Income from salary/ pension
Yes
Yes
Yes
Yes
-
Income from one house property (excluding losses)
Yes
Yes
Yes
Yes
-
Income or losses from more than one house property
 -
Yes
Yes
Yes
-
Income not chargeable to tax which exceeds Rs. 5,000
-
Yes
Yes
Yes
-
Income from other sources (other than winnings from lottery and race horses or losses under this head)
Yes
Yes
Yes
Yes
-
Income from other sources (including winnings from lottery and race horses)
-
Yes
Yes
Yes
-
Capital gains/loss on sale of investments/ property
-
Yes
Yes
Yes
-
Share of profit of partner from a partnership firm
-
-
Yes
Yes
-
Income from proprietary business/ profession
-
-
-
Yes
-
Income from presumptive business
-
-
-
-
Yes
Details of foreign assets
-
Yes
Yes
Yes
-
Claiming relief of tax under sections 90, 90A or 91
-
Yes
Yes
Yes
-
 
 
 
 
 
 
 
Other Assesses
Nature of income
ITR 5
ITR 6
ITR 7
Firm
Yes
-
-
Association of persons (AOP)
Yes
-
-
Body of Individuals (BOI)
Yes
-
-
Companies other than companies claiming exemption under Sec. 11
-
Yes
-
Persons required to furnish return under:
(1) Section 139(4A);
(2) Section 139(4B);
(3) Section 139(4C); and
(4) Section 139(4D)
-
-
Yes