New amendments and Changes in the ITR filing for the AY 2013-14 (FY 2012-13)

  New Changes in ITRThe following norms for the below mentioned ITR forms are as per new amendments and changes in the ITR filing for the AY 2013-14 (FY 2012-13) introduced by the Ministry of Finance. ITR-1 (SAHAJ) FORM:- The changes in the use of this form for the AY 13-14 as per the recent notification issued by the Central Board for Direct Taxes:- SAHAJ Return Form is to be used by an individual whose total income for the assessment year 2013-14 includes:- (a) Income from salary/pension; or (b) Income from One House Property (excluding cases where loss is brought forward from previous years); or (c) Income from Other Sources (excluding Winning from Lottery and Income from Race Horses) Please Note– In a case where the income of another person like spouse, minor child, etc. is to be clubbed with the income of the assessee, this Return Form can be used only if the income being clubbed falls into the above income categories. SAHAJ Return Form should not be used by an individual whose total income for the assessment year 2013-14 includes- (a) Income from more than one house property; or (b) Income from winnings from lottery or income from Race horses; or (c) Income under the head “Capital Gains” E.g., short-term capital gains or long term capital gains from sale of house,plot,shares etc.; or (d) Income from agriculture/exempt income in excess of Rs.5,000; or (e) Income from Business or Profession; or (f) Loss under the head ‘Income from other sources’; or (g) Person claiming relief of foreign tax paid under section 90,90A or 91; or (h) Any resident having any asset (including financial interest in any entity) located outside India or signing authority in any account located outside India. Obligation to file this ITR Form:- Every individual whose total income before allowing deductions under chapter-VI-A, exceeds the maximum amount which is not chargeable to income tax is obliged to furnish his return of income. The deductions under chapter VI-A are mentioned in Part C of this Return Form. The maximum amount not chargeable to income tax in case of different categories of individuals is as follows-

(i) In case of individuals below the age of 60 years Rs.2,00,000
(ii) In case of individuals who are of the age of 60 years or more but less than eighty years at any time during the financial year 2012-13 Rs.2,50,000
(iii) In case of individuals who are of the age of 80 years or more at any time during the financial year 2012-13. Rs.5,00,000

ITR-2 FORM:- This Return Form is to be used by an individual or a Hindu Undivided Family whose total income for the assessment year 2013-14 includes:- (a) Income from Salary / Pension; or (b) Income from House Property; or (c) Income from Capital Gains; or (d) Income from Other Sources (including Winning from Lottery and Income from Race Horses). Further, in a case where the income of another person like spouse, minor child, etc. is to be clubbed with the income of the assessee, this Return Form can be used where such income falls in any of the above categories. This Return Form should not be used by an individual whose total income for the assessment year 2013-14 includes Income from Business or Profession. Obligation to file this ITR Form:-

(i) In case of individuals below the age of 60 years Rs.2,00,000
(ii) In case of individuals who are of the age of 60 years or more but less than eighty years at any time during the financial year 2012-13. Rs.2,50,000 
(iii) In case of individuals who are of the age of 80 years or more at any time during the financial year 2012-13 Rs.5,00,000 

ITR-3FORM:- For Individuals/HUFs being partners in firms and not carrying out business or profession under any proprietorship. This Return Form is to be used by an individual or an Hindu Undivided Family who is a partner in a firm and where income chargeable to income-tax under the head “Profits or gains of business or profession” does not include any income except the income by way of any interest, salary, bonus, commission or remuneration, by whatever name called, due to, or received by him from such firm. In case a partner in the firm does not have any income from the firm by way of interest, salary, etc. and has only exempt income by way of share in the profit of the firm, he shall use this form only and not Form ITR-2. This Return Form should not be used by an individual whose total income for the assessment year 2013-14 includes Income from Business or Profession under any proprietorship. A new Schedule-AL has been introduced for the AY 13-14 which is regarding the statement of assessee’s Asset and Liability at the end of the year. It is mandatory if assessee’s total income exceeds Rs. 25 lakh. Obligation to file this ITR Form:-

(i) In case of individuals below the age of 60 years Rs.2,00,000
(ii) In case of individuals who are of the age of 60 years or more at any time during the financial year 2012-13 Rs.2,50,000 
(iii) In case of individuals who are of the age of 80 years or more at any time during the financial year 2012-13 Rs.5,00,000 

ITR-4S(SUGAM) FORM:- This Return Form is applicable for assessment year 2013-14 only, i.e., it relates to income earned in Financial Year 2012-13.  This Return Form is to be used by an individual/HUF whose total income for the assessment year 2013-14 includes:- (a) Business income where such income is computed in accordance with special provisions referred o in section 44AD and 44AE of the Act for computation of business income; or (b) Income from salary/pension; or (c) Income from one House Property (excluding cases where loss is brought forward from previous years); or (d) Income from other sources (excluding winning from Lottery and Income from Race Horses). Please Note: The income computed shall be presumed to have been computed after giving full effect to every loss, allowance, depreciation or deduction under the Income-tax Act. Please further Note: In a case where the income of another person like spouse, minor child, etc. is to be clubbed with the income of the assessee, this Return Form can be used only if the income being clubbed falls into the above income categories. SUGAM cannot be used to file the following incomes- (a) Income from more than one house property; or (b) Income from winnings from lottery or income from Race horses; or (c) Income under the head “Capital Gain”,e.g. Short-term capital gains or long term capital gains from sale of house,plot,shares etc;or (d) Income from agriculture/exempt income in excess of Rs.5,000; or (e) Income from Speculative business and other special incomes; or (f) Income from a profession as referred to in sub-secion (1) of section 44AA or income from an agency business or income in the nature of commission for brokerage; or (g) Person claiming relief of foreign tax paid under section 90,90A or 91; or (h) Any resident having any asset (including financial interest in any entity) located outside India or signing authority in any account located outside India. SUGAM Business Form shall not apply at the option of the assessee, if- (1) the assessee keeps and maintains all the books of account and other documents referred to in section 44AA in respect of the business. (2) the assessee gets his accounts audited and obtains a report of such audit as required under section 44AB in respect of the business. In the above scenarios, Regular ITR-4 should be filed and not SUGAM. Obligation to file this ITR Form:-

Every individual whose total income before allowing deductions under chapter VI-A of the Income Tax Act, exceeds the maximum amount which is not chargeable to income tax is obliged to furnish his return of income. The deductions under chapter VI-A are mentioned in part C of this Return Form. The maximum amount not chargeable to income tax in case of different categories of individuals is as follows-

(i) In case of individuals below the age of 60 years Rs.2,00,000
(ii) In case of individuals who are of the age of 60 years or more at any time during the financial year 2012-13 Rs.2,50,000 
(iii) In case of individuals who are of the age of 80 years or more at any time during the financial year 2012-13 Rs.5,00,000 

ITR-4 FORM:- This Return Form is to be used by an individual or a Hindu Undivided Family who is carrying out a proprietary business or profession. This Return Form can be filed with the Income Tax Department in any of the following ways, – (i) by furnishing the return in a paper form; (ii) by furnishing the return electronically under digital signature; (iii) by transmitting the data in the return electronically and thereafter submitting the verification of the return in Return Form ITR-V; (iv) by furnishing a Bar-coded return. From the assessment year 2013-14 onwards all the assessees having total income more than 5 lakh rupees are required to furnish the return in the manner provided at 4(ii) or 4(iii). Also in case of an assessee claiming relief under section 90, 90A or 91 to whom Schedule FSI and Schedule TR apply, he has to furnish the return in the manner provided at 4(ii) or 4(iii). From assessment year 2013-14 onwards in case an assessee who is required to furnish a report of audit under sections 10(23C)(iv), 10(23C)(v), 10(23C)(vi), 10(23C)(via), 10A, 12A(1)(b), 44AB, 80-IA, 80-IB, 80-IC, 80-ID, 80JJAA, 80LA, 92E or 115JB he shall file the report electronically on or before the date of filing the return of income. Further, the assessee who is liable to file the above reports electronically shall file the return of income in the manner provided at 4(ii) or 4(iii). Where the Return Form is furnished in the manner mentioned at 4(iii), the assessee should print out two copies of Form ITR-V. One copy of ITR-V, duly signed by the assessee, has to be sent by ordinary post to Post Bag No. 1, Electronic City Office, Bangaluru–560100 (Karnataka). The other copy may be retained by the assessee for his record. Obligation to file this ITR Form:-

  • Every individual and HUF has to furnish the return of his income if his total income before allowing deductions under section 10A or section 10B or section 10BA or Chapter VI-A (i.e., if his gross total income referred to in item 10 of Part B-TI as increased by item 6 of Schedule 10A, item f of Schedule 10A and item f of Schedule 10A of this Form) exceeds the maximum amount which is not chargeable to income tax [Rs. 2,00,000/- in case of individuals below the age of 60 yearsand HUF, and  Rs. 2,50,000/- in case of individuals who are of the age of 60 years or more but less than eighty years at any time during the financial year 2012-13, and Rs. 5,00,000/- in the case of individuals who are of the age of 80 years or more at any time during the financial year 2012-13].
  • The losses, if any, (item-15 of Part B-TI of this Form) shall not be allowed to be carried forward unless the return has been filed on or before the due date.
  • The deduction under sections 10A, 10B, 80-IA, 80-IAB, 80-IB and 80-IC shall not be allowed unless the return has been filed on or before the due date.

ITR-5:- This Form can be used a person being a firm, LLPs, AOP, BOI, artificial juridical person referred to in section 2(31)(vii), cooperative society and local authority. However, a person who is required to file the return of income under section 139(4A) or 139(4B) or 139(4C) or 139(4D) shall not use this form. From assessment year 2013-14 onwards all assessees (other than company and person filing return in ITR-7) having total income more than 5 lakh rupees are required to furnish the return in the manner provided at 4(ii) or 4(iii). Also in case of an assessee to whom Schedule FSI and Schedule TR apply, he has to furnish the return in the manner provided at 4(ii) or 4(iii). From assessment year 2013-14 onwards in case an assessee who is required to furnish a report of audit under sections 10(23C)(iv), 10(23C)(v), 10(23C)(vi), 10(23C)(via), 10A, 12A(1)(b), 44AB, 80-IA, 80-IB, 80-IC, 80-ID,80JJAA, 80LA, 92E or 115JB he shall file the report electronically on or before the date of filing the return of income. Further, the assessee who is liable to file the above reports electronically shall file the return of income in the manner provided at 4(ii) or 4(iii). Obligation to file this ITR Form:-

  •  Every firm shall furnish the return of income whether it has income or loss during the year.
  •  Every AOP, BOI and artificial juridical person has to furnish the return of his income if his total income before allowing deductions under section 10A, 10AA or Chapter VI-A (i.e., if its gross total income referred to in item 9 of Part B-TI as increased by item ‘e’ of Schedule 10A, item ‘e’ of Schedule 10AA of this Form) exceeds the maximum amount which is not chargeable to income tax (Rs. 2,00,000/- in case of AOP, BOI and artificial juridical person, ‘nil’ in case of a cooperative society) during the financial year 2012-13.
  • The deduction under sections 10A, 80-IA, 80-IAB, 80-IB, 80-IC, 80-ID and 80-IE shall not be allowed unless the return has been filed on or before the due date.
  • The losses, if any, (item-16 of Part B-TI of this Form) shall not be allowed to be carried forward unless the return has been filed on or before the due date.

ITR-6 FORM:- This Form can be used by a company, other than a company claiming exemption under section 11. ITR-7 FORM:- This Form can be used by persons including companies who are required to furnish return under section 139(4A) or section 139(4B) or section 139(4C) or section 139(4D). From assessment year 2013-14 onwards in case of an assessee claiming relief under section 90, 90A or 91 to whom Schedule FSI and Schedule TR apply, he has to furnish the return in the manner provided at 4(ii) or 4(iii). From assessment year 2013-14 onwards in case an assessee who is required to furnish a report of audit under section 10(23C)(iv), 10(23C)(v), 10(23C)(vi), 10(23C)(via), 10A, 12A(1)(b), 44AB, 80-IA, 80-IB, 80-IC, 80-ID, 80JJAA, 80LA, 92E or 115JB he shall file the report electronically on or before the date of filing the return of income. Further, the assessee who is liable to file the above reports electronically shall file the return of income in the manner provided at 4(ii) or 4(iii). Obligation to file this ITR From:-

  • Return under section 139(4A) is required to be filed by every person in receipt of income derived from property held under trust or other legal obligation wholly for charitable or religious purposes or in part only for such purposes, or of income being voluntary contributions referred to in sub-section (iia) of clause (24) of section 2, shall, if the total income in respect of which he is assessable as a representative assessee (the total income for this purpose being computed under this Act without giving effect to the provisions of sections 11 and 12) exceeds the maximum amount which is not chargeable to income-tax.
  • Return under section 139(4B) is required to be filed by a political party if the total income without giving effect to the provisions of section 139A exceeds the maximum amount which is not chargeable to income-tax.
  • Return under section 139(4C) is required to be filed by every –
  1. scientific research association referred to in section 10(21);
  2. news agency referred to in section 10(22B);
  3. association or institution referred to in section 10(23A);
  4. institution referred to in section 10(23B);
  5. fund or institution or university or other educational institution or any hospital or other medical institution referred to in section 10(23C)(iv)/ (v)/ (vi) if the conditions mentioned in section 139(4C) are satisfied.
  • Return under section 139(4D) is required to be filed by every university, college or other institution referred to in clause (ii) and clause (iii) of sub-section (1) of section 35, which is not required to furnish return of income or loss under any other provision of this section.
  • Return of income is also required to be filed by a person if his total income before allowing deductions under section 10A or section 10B or section 10BA or Chapter VI-A exceeds the maximum amount which is not chargeable to income tax.
  • The losses shall not be allowed to be carried forward unless the return has been filed on or before the due date.
  • The deduction under sections 10A, 10B, 80-IA, 80-IAB, 80-IB and 80-IC shall not be allowed unless the return has been filed on or before the due date.

Apart from all these updates in the ITR Forms the following obligation has introduced- E-filing of Tax Audit Report:- As per Notification No. 34 dated 1st May 2013, e-filing of Tax Audit report is mandatory from the assessment year 2013-14 onwards. As per Rule-6G, tax audit report is to be furnished in Form 3CA & Form 3CB and the particulars required to be furnished along with these tax reports should be in Form 3CD. Form 3CA & Form 3CD are used in case where the Accounts of the business or profession of a person have already been audited under any other law. Form 3CB & Form 3CD are used in case where the Accounts of the business or profession of a person have already been audited under any other Law. Where an assessee is required to furnish a report of audit specified under section 10, section 10A, section 12A, section 44AB, section 80-IA, section 80-IB, section 80-IC, section 80-ID, section 80JJAA, section 80LA, section 92E or section 115JB of the Act, he shall furnish the same electronically while filing Income Tax return. You can File your Income Tax Return online with us.  Click here to view the various Packages available. Still having Tax Queries ? Feel free to Call us at +91 88208 20811  or Email us at info@taxmantra.com