|
Obligation to file Return of Income
|
Sr. No.
|
Status of the Assessee
|
Conditions
|
|
1.
|
Firm (including LLP)
|
Every Firm irrespective of earning income or incurring loss
|
|
2.
|
Company
|
Every Company irrespective of earning income or incurring loss
|
|
3.
|
Person other than Company or Firm
|
If his or its total income during the previous year exceeds maximum amount
not chargeable to tax (see note below for Maximum Amount not chargeable to tax
for A.Y. 2013-14), without considering deduction u/ss. 10A, 10B, 10BA, and
Chapter IV-A
|
|
4.
|
Charitable or religious trust
|
If the total income in the previous year exceeds the maximum amount not
chargeable to tax without giving effect to section 11 and section 12.
|
|
5.
|
-
Research Association u/s 10(21)
-
News Agency u/s 10(22B)
-
Association/Institution referred u/ss. 10(23A)
and 10(23B)
-
Universities/Hospitals/Medical institutions
referred under various sub-clauses of Section 10(23C) i.e. (iiiad) or (iiiae)
or (iv) or (v) or (vi) or (via)
-
Trade Union referred u/ss. 10(24)(a) and
10(24)(b)
-
Board/Trust/Commission referred u/s 10(46)
-
Infrastructure Debt Fund referred u/s 10(47)
|
If the income exceeds maximum amount not chargeable to tax without
considering exemptions under respective provisions of section 10
|
|
6.
|
University, college or any other institution referred u/s
35(1))(ii)/(iii)
|
Required to furnish return of income/loss even if not required to furnish
return of income under any other provisions
|
|
7
|
Political Party
|
Total income in the previous years without giving effect to Section 13A
exceeds the maximum amount not chargeable to income tax
|
|
8
|
Every person
|
To whom notice u/s 142(1) or 148 is issued
|
|
9
|
Any resident person other not ordinary resident
|
Who has any asset (including financial interest in any entity) located
outside India or signing authority in any account located outside India
|
Maximum amount not chargeable to tax for A.Y. 2013-14
|
Nature of assessee
|
Amount (`)
|
|
Individual being resident in India and less than 60 years, HUF,
AOP, BOI, Artificial Juridical Person
|
2,00,000
|
|
Individual being Senior Citizen resident in India (Completed 60
years or more but less than 80 years any time during the previous year i.e.
born after 1-4-1932 and before 31-3-1952)
|
2,50,000
|
|
Very Senior Citizen (Completed 80 years or more any time during
the previous year i.e. born before 1-4-1932)
|
5,00,000
|
No Obligation to File Return of Income
-
No obligation is
incurred on the assessee referred in Sec. 115A(1), 115AC(1), 115BBA or 115D to file
Return u/s 139(1), if he derives no other income other than those specified in the
above Sections. Further, tax deductible at source should be deducted thereon from
such income.
-
The Central
Government has by notification exempted individuals having income up to ` 5,00,000
from filing of return of income subject to fulfilment of following conditions:
i. Taxable
income consists of Salary and/or saving bank interest not exceeding ` 10,000
ii. Salary is received
from only one employer
iii. Individual has reported
to his employer PAN and also saving bank interest and tax has been deducted at source
by employer
iv. Salary certificate in
Form 16 has been issued by the employer mentioning PAN, details of income, tax
deducted at source and such tax deposited
v. Such
individual has no claim for refund of taxes
Due Dates for filing Return of Income for A.Y. 2013-14
|
Sr. No.
|
Nature of Assessee
|
Due Date
|
|
1
|
Every assessee who is required to furnish Transfer Pricing Audit Report u/s
92E
|
30th November
|
|
2
|
-
Company other than those company who is required to furnish
Transfer Pricing Audit Report
u/s 92E
-
Every assessee who is required to get accounts audited under Income
Tax Act / any other laws (other than those assessee who is required to furnish
Transfer Pricing Audit Report u/s 92E)
-
An working partner of the Firm (including working partner of LLP), where accounts of such firm are subjected to audit under any law
|
30th September
|
|
3
|
Other Assessee not referred above
|
31st July
|
Where the last day for filing return of income/loss is a day on which the office
is closed, the assessee can file the return on the next day afterwards on which the
office is open and, in such cases, the return will be considered to have been filed
within the specified time limit — Circular No. 639, dated 13-11-1992
Return of Income to be signed by
|
Sr. No.
|
Nature of Assessee
|
Return of Income to be signed by
|
|
1
|
Individual
|
-
Individual himself
-
In case individual is not within India - by himself or
by any other person authorised through power of attorney
-
In case individual is mentally incapacitated from
attending of his affairs – by his guardian or any person competent to act
on his behalf
-
For any other reason individual is unable to sign
return — by any person authorised through power of attorney
|
|
2
|
HUF
|
|
|
3
|
Indian resident Company
|
-
Managing director
-
In case managing director is not able to sign for any
unavoidable reasons or where there is no managing director – by any other
director
-
In case company is being wound up – by Liquidator
-
In case management has been taken over by the Central
or State Government – by Principal Officer of the company
|
|
4
|
Non-resident Company
|
|
|
5
|
Firm
|
|
|
6
|
LLP
|
|
|
7
|
Local Authority
|
|
|
8
|
Political Party
|
|
|
9
|
Any other Association
|
|
|
10
|
Any other person
|
|
Forms for Return of Income
|
Sr No.
|
ITR Forms
|
Type of Assessee
|
|
1
|
SAHAJ-ITR 1
|
For Individual total income consisting of
-
Salaries
-
Family Pension
-
House property (one house property and no brought
forward loss from earlier year)
-
Income from other sources except winning from
lottery/horse races (No loss under IFOS),
-
Not having assets including interest in any entity
located outside India or signing authority in any account located outside India
-
Has not claimed any relief u/s 90 or 90A or has not
claimed deduction u/s 91
-
Exempt income up to ` 5,000/-
|
|
2
|
ITR 2
|
For Individuals and HUFs not having Income from Business or Profession
|
|
3
|
ITR 3
|
For Individuals/HUFs being partners in firms and not carrying out business
or profession under any proprietorship
|
|
4
|
SUGAM ITR 4S
|
For individuals and HUFs having income from
-
A specified business referred u/s 44AD/44AE
(presumptive income)
-
Not having assets including interest in any entity
located outside India or signing authority in any account located outside India
-
Has not claimed any relief u/s 90 or 90A or has not
claimed deduction u/s 91
-
Exempt income up to ` 5,000/-
|
|
5
|
ITR 4
|
For individuals and HUFs having income from a proprietary business or
profession (other than those specified in 4)
|
|
6
|
ITR 5
|
For firms, AOPs, BOIs and other persons not being HUF, company or persons
claiming deduction under section 11
|
|
7
|
ITR 6
|
For Companies other than companies claiming exemption under section 11
|
|
8
|
ITR 7
|
For persons including companies required to furnish return under section
139(4A) or section 139(4B) or section 139(4C) or section 139(4D)
|
|
9
|
ITR V
|
Acknowledgement for return of income filed electronically without digital
signature or in physical form
|
Mode of filing of return of Income
Return of income can be filed
-
Physically in a paper form
-
Furnishing the return electronically under digital signature
-
Transmitting the data in the return electronically and thereafter submitting the
verification of the return in Form ITR-V
-
Furnishing a bar-coded return in a paper form.
Return of income mandatorily required to be filed electronically
under digital signature
-
An individual,
Firm, HUF to whom tax audit u/s 44AB is applicable (ITR 4, ITR 5)
-
Any Company (ITR 6)
Transmitting the data in the return electronically and thereafter
submitting the verification of the return in Form ITR-V
-
An Individual
resident having assets including interest in any entity located outside India or
signing authority in any account located outside India (ITR 2, ITR 3, ITR 4)
-
An
individual or a Hindu undivided family, has total income exceeding ` 5,00,000 (ITR 1,
ITR 2, ITR 3,
ITR 4).0
In case of representative assessee of non-residents and in case of private
discretionary trusts, relaxation from compulsory filing of e-filling of return has
been granted (Cir. 6/2012, dt. 3/8/2012)
-
c. A person
claiming any relief of tax u/s 90 or 90A or deduction u/s 91 of the Act is required
to mandatorily file the Income Tax Return (w.e.f. A.Y. 2013-14).
But at the option of the assessee return can be signed digitally.
Mandatorily furnishing return of income physically in a paper
form along with various documents
-
Persons including
companies required to furnish return under section 139(4A) or section 139(4B) or
section 139(4C) or section 139(4D) (ITR 7)
Unless specified otherwise as above, at the option of assessee all return of
income can be furnish electronically under digital signature or transmitting the data
in the return electronically and thereafter submitting the verification of the return
in Form ITR V.
Peculiarities of new returns
-
Each year new
returns applicable are notified
-
New Forms are
attachment less. Return (other than ITR 7) is not required to be accompanied with any
documents viz. computation of income, financial statements, TDS Certificates, tax
challans or audit reports (other than TP Report). However subsequently the assessing
officer may call for such documents.
-
Sahaj ITR 1 and
SUGAM ITR 4S are introduced for faster and error free digitisation. These forms are
coloured and contains standard machine readable features like specific marks, bar
code, etc. In case pre-printed form is not used, form need to be printed on durable
paper with pre-specified coloured ink and other specifications.
-
Audit Report u/s
44AB, 92E or 115JB need to be furnished electronically before the due date of filing
the Income tax Return (w.e.f. A.Y. 2013-14).
-
In case, return is
transmitted electronically without digital signature, signed (sign in blue ink) copy
of acknowledgement generated online i.e. Form ITR-V is required to be submitted,
within the specified period (currently 4 months), by ordinary/speed post to ITO,
Bengaluru, (without any annexure, covering letter, etc.) or such other place as
specified on acknowledgement. The period of 120 days was extended for A.Ys. 2010-11,
2011-12 & 2012-13.
-
No disallowances of
pre-paid taxes shall be made by AO merely because TDS/TCS certificates or pre-paid
challans not submitted along with return of Income. (Circular 3/2008 dt. 21-5-2009).
Additional requirements for the return of income applicable for
A.Y. 2013-14
New forms has been revised considering amendments applicable to A.Y. 2013-14.
Besides new details are also called eg details of assets and liabilities in case of
person having income from business and profession exceeding ` 25 lakhs.
Additional details in respect of foreign assets, income accruing or arising
out of India, sources of other income taxed under income from other sources,
provision of filing revised return in case of defective return.
Return of income claiming certain deductions or certain loss
-
Return furnished
after due date, the deductions / benefits may not be available—
a. Deductions
u/s 10A, 10B, 80-IA, 80-IB, 80-IC, 80-ID or 80-IE
b. Allowability
of losses incurred under business (other than unabsorbed depreciation), capital gains
and/or from owning and maintaining race horses. Carry forward of losses under the
head House property and unabsorbed depreciation is not affected even if the return is
not filed within due date.
-
Where any loss has
been duly carried forward in accordance with the provisions of sec. 139(3) in earlier
years, there is no obligation to file the intermediary return in which the benefit of
set off is claimed or loss is required to be carried forward, to be filed within the
due date.
-
Section 119(2)(b)
empowers the CBDT to authorise any Income Tax Authority to admit an application or
claim for any exemption, deduction, refund or any other relief under the Act after
the expiry of the period specified under the Act, to avoid genuine hardship in any
case or class of cases. The claim for carry forward of loss in case of a loss return
is relatable to a claim arising under the category of any other relief available
under the Act. Refer Cir. No. 8/2001 dt. 16-5-2001.
Belated Return
-
Return can be filed
belatedly within one year from the end of assessment year on or before completion of
assessment, whichever is earlier. The due date for filing return for A.Y. 2011-12,
belatedly is 31st March, 2013. However in case, return is not filed within the end of
assessment year penalty u/s 271F of ` 5,000 may be imposed. E.g. return of income for
A.Y. 2012-13 if not filed on or before 31-3-2013 penalty u/s 271F may be levied.
-
In case return, as
required by section 139(4A) (Trusts) / 139(4C) (specified Trusts, institutions,
Political Parties ,etc.) is not filed on or before due date (31st July in case income
before claiming exemption u/s 11 is below maximum amount not chargeable to tax or
30th September accounts are subject to audit), penalty of ` 100/- per day may be
imposed u/s 272A(2)(e).
Revised Return
-
Return can be
revised within one year from the end of the assessment year or before completion of
assessment, whichever is earlier.
-
Return can be
revised on discovery of any omission or any wrong statement.
-
Belated Return
cannot be revised.
-
The revised return
filed prevails over the original return, which is taken to have been withdrawn after
the filing of the revised return.
Defective return
-
S. 139(9) lays that
return of income would be defective in case not accompanied by the relevant annexure. W.e.f. 1-6-2013, a return filed without payment of tax alongwith interest will be
considered as defective return.
-
However annexure
less return scenario, return would be treated as defective in case return is not
filed completely in the manner specified in the return form.
Annexure 1
|
Comparison of ITR 1, 2, 3, 4 & 4S from of AY 2013-14
with AY 2012-13
|
|
Form No
|
Field
|
AY 2013-14
|
AY 2012-13
|
|
Common changes in ITR -1, 2, 3, 4, 4S
|
Country
|
Added in the form
|
No such field
|
|
Whether a Person Governed by Portugese Civil Code u/s 5A
|
Added in the form
|
No such field
|
|
Deductions
|
Deductions u/s 80 CCD(1) , 80 CCD (2), 80 CCG, 80 RRB, 80 QQB, 80 TTA have
been added
|
No such field
|
|
Bank Details
|
IFSC code is to be provided
|
MICR code was required to be provided
|
|
ITR 1 - SAHAJ
|
Applicability
|
Individual Income Tax Return
|
Indian Individual Income Tax Return
|
|
Deductions
|
Deduction u/s 80 CCF has been removed
|
Existing
|
|
Return filed in Response to
|
Section 139(9) has been added
|
Existing
|
|
If Revised
|
Modified "If Revised / Defective''
|
Defective was not covered
|
|
Gross Total Income
|
Income From House Property, details as to whether Self - Occupied or Let
Out, to be provided
|
No such detailed were required
|
|
Gross Total Income
|
In case of Loss under the head IFOS, ITR 2 to filled
|
No such restriction
|
|
Tax Computation and Tax Status
|
Relief u/s 90,91 has been removed, hence assessee claiming such relief not
allowed to use ITR 1
|
Existing
|
|
Exempt Income only for Reporting Purposes
|
If Exempt income exceeds Rs. 5,000/- , ITR 2 has to be filled.
|
ITR 1 was allowed
|
|
Common changes in ITR -2, 3 & 4
|
Income from Other Sources
|
Details of Winnings from lotteries, crossword puzzles, races, games,
gambling, betting etc to be provided separetly
|
No such field
|
|
Income from Other Sources
|
Details of Winnings from lotteries, crossword puzzles, races, games,
gambling, betting etc to be provided separetly
|
No such field
|
|
Computation of Total Income
|
Income chargeable to tax at special rates u/s 111A and 112 etc included in
Gross total Income has to be disclosed separately under Computation of Total
Income
|
No such separate disclosure was required
|
|
Computation of Tax Liability on Total Income
|
Rebate on Agricultural Income , if any has been introduced
|
No such field
|
|
Schedule S -Details of Income from Salary
|
Amount of deduction u/s 16 is to be provided
|
No such separate disclosure was required
|
|
Schedule HP -Details of Income from HP
|
In case of Co- Ownership, Percentage share in the Property of the Co- Owner
is to be mandatorily provided
|
In case of Co- Ownership, Percentage share in the Property of the Co- Owner
was Optional
|
|
Schedule CG -Capital Gains
|
Short Term Capital Gain - bifurcation in terms of whether gains are from
assets u/s 111A is applicable & Others for both non - residents as well as
others to be provided
|
Earlier only STCG amount u/s 111A was subtracted at the end
|
|
Schedule CG -Capital Gains
|
Long Term Capital Gains - Details of Deduction u/s 54GB is to be provided
and also PAN of the company is to be furnished
|
No such field
|
|
Schedule CG -Capital Gains
|
Gains from unlisted securities in case of non- residents as per section
112(1)(c )(iii) is provided
|
No such field
|
|
Schedule OS -Income from Other Sources
|
Source of Income is to be mentioned in case it is shown under the head
" Others "
|
No such information is required
|
|
Schedule SI - Income Chargeable to Tax at Special Rates
|
Section details are to be specified
|
Section Code was to be mentioned
|
|
Schedule EI -Details of Exempt Income
|
Details pertaining to Gross Agricultural Income, Expenses in relation to
agricultural income , Brought Forward Losses as a part IV of Sch I of the
Finance Act are to be provided separately
|
Agricultural Income was to be shown on net basis
|
|
Schedule FSI - Details of Income accruing or arising outside India
|
Separate Schedule introduced for details of Income accruing or arising
outside India
|
No Schedule
|
|
Schedule TR - Details of Taxes Paid outside India
|
Scope of Schedule expanded to capture details of Taxes paid Outside India
including details of Relief claimed u/s 90 , 90A & 91
|
Only Schedule for Relief Claimed u/s 90, 90A & 91 was there
|
|
Schedule FA -Details of Foreign Assets
|
Additional Details in terms of Foreign Bank Account Number, Details of the
Trust created under the laws of a country outside India in which the assessee
is a trustee
|
These additional details were not required to be furnished
|
|
Schedule 5A
|
Information peratining to apportionment of Income between Spouses governed
by the Portuguese Civil Code
|
No such schedule exists
|
|
ITR 3
|
Schedule IF - Information Regarding Partnership Firms in which you are a
Partner
|
Additional Details pertaining to whether the firm is liable for audit or not
is to be provided
|
No such detaills were required to be provided
|
|
Schedule AL - Schedule For Assets & Liabilities at the end of the year
|
This schedule is applicable in case where total income exceeds Rs. 25
lacs
|
No such schedule was there
|
|
ITR 4
|
General
|
Date of furnishing the audit report is to be provided
|
No such detail was required
|
|
General
|
The field for whether taxpayer is liable to furnish a report u/s 92E
|
No such detail was required
|
|
Computation of Total Income
|
Profits & Gains From Specified Business are to be Separately
Disclosed
|
Earlier It was not required
|
|
Computation of Tax Liability on Total Income
|
Tax Payable on Deemed Total Income u/s 115-JC has been added, accordingly
rows for credit u/s 115-JD have been inserted
|
No Such Field
|
|
Schedule BP - Computation of Income from Business or Profession
|
Deduction u/s 10B, 10BA has been removed
|
Existing
|
|
Details of PGBP- Computation of Income From Specified Business
|
Rows for addition and deductions in accordance with section 28 to 44DA has
been added
|
No Such Field
|
|
Schedule CG -Capital Gains
|
Amount of deemed Short Term Capital Gain u/s 54EC & 54ED has been
removed
|
Existing
|
|
Schedule 10A -Deduction u/s 10A
|
Coloumns for Deduction in respect of units Located in Software Technology
Park, EHTP, FTZ, EPZ have been removed
|
Existing
|
|
Schedule 10B -Deduction u/s 10B
|
Coloum for deduction in respect of EOU has been removed
|
Existing
|
|
Schedule 10BA -Deduction u/s 10BA
|
Coloum for deduction in respect of Exports of handmade wooden articles has
been removed
|
Existing
|
|
Schedule - 80IB - Deductuion u/s 80 IB
|
Deduction available u/s 80-IB(11C) for an undertaking engaged in operating
and maintaining a hospital has been added
|
No such field
|
|
Schedule AMT & Schedule AMTC
|
Computation of alternate minimum tax payable u/s 115JC and Alternate Minimum
Tax Credit has been added
|
No such field
|
|
Schedule AL -Schedule For Assets & Liabilities at the end of the year
|
This schedule is applicable in case where total income exceeds Rs. 25
lacs
|
No such schedule was there
|
|
ITR - 4S - SUGAM
|
Return filed in Response to
|
Section 139(9) has been added
|
No such coloum exists
|
|
If Revised
|
Modified "If Revised / Defective''
|
Defective was not covered
|
|
Gross Total Income
|
Income From House Property, details as to whether Self - Occupied or Let
Out, to be provided
|
No such detailed were required
|
|
Deductions
|
Deduction u/s 80 CCF has been removed
|
Existing
|
|
Tax Computation and Tax Status
|
Relief u/s 90,91 has been removed, hence assessee claiming such relief not
allowed to use ITR 1
|
Existing
|
|
Exempt Income only for Reporting Purposes
|
If Exempt income exceeds Rs. 5,000/- , ITR 4 has to be filled
|
ITR 4S was allowed
|
|
