By Manoj Kumar FCA 9810764620. Income Tax Return Forms ITR FormsDetails ITR-1, Sahaj Individuals...
37
Amendments in Income Tax Forms By Manoj Kumar FCA 9810764620
By Manoj Kumar FCA 9810764620. Income Tax Return Forms ITR FormsDetails ITR-1, Sahaj Individuals having i. Salary Income ii. Income from house property
Income Tax Return Forms ITR FormsDetails ITR-1, Sahaj
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-2For Individuals and HUFs not having income from
business or profession and can't file return in ITR 1 ITR-3For
individuals/ HUFs being partners in firms and not carrying out
business or profession under any proprietorship and having income
only from partnership firm
Slide 3
ITR-4For individuals and HUF having income from a proprietary
business or profession ITR-4 Sugam For Individual or HUF having
income under 44AD and section 44 AE of income tax act subject to
the proviso ITR-5For Firms. AOP or BOI ITR-6 For companies other
than companies claiming exemption u/s 11 ITR-7For persons including
companies required to furnish return u/s section 139(4A) or 139
(4B) or 139 (4C) or 139 (4D).
Slide 4
Amendments in I.T. Act for A.Y.2013-14 and Changes in ITR
Forms.
Slide 5
DifferenceExistingNew Position ITR 1 (SAHAJ ) Applicability 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 any head. Non applicability 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)
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.
Slide 6
Difference Existing Position New Position Part A GEN 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 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 only account no. Current account saving
s account Bank Detail only in refund casesAll cases ( irrespective
of refund or not) IFSC Code mandatorily
Slide 7
Difference Existing Position New Position ITR -2,34,5,6,7
Schedule CG No such requirement. 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. 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) No such
requirement. 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.
Slide 8
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
Slide 9
Difference Existing Position New Position ITR -3,4 Inserted
Schedule AL (Applicable when total income exceeds Rs.25lakh ) No
such requirement. 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.
Slide 10
Difference Existing Position New Position 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. 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 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
Slide 11
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
Slide 12
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
Slide 13
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
Slide 14
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
Slide 15
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.
Slide 16
Slide 17
Schedule AMTC
Slide 18
- 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.
Slide 19
(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 ITR-
4 and to whom provisions of section 44AB applicable-DSC (f) A
company required to furnish the return in Form ITR-6- DSC
Slide 20
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.
Slide 21
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
Slide 22
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.
Slide 23
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 ITR- 4. 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?.
Slide 24
Manner of furnishing online return i. Furnishing the Return in
paper Form. ii. 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.
Slide 25
ON LINE FILLING OF AUDIT REPORT
Slide 26
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.
Slide 27
Slide 28
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
Slide 29
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
Slide 30
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.
Slide 31
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
Slide 32
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.
Slide 33
STEP 5 After preparing all the documents now upload it on e-
filing portal of income tax by following steps: Go to the link
https://incometaxindiaefiling.gov.in/e-
Filing/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.
Slide 34
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.
Slide 35
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.