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e-Filing of ReturnsAn Overview of the Process of e-Filing of Returns

ITR-1 OR SAHAJThis Return Form is to be used by an individual whose total income for the assessment year 2013-14 includes:-Income from Salary/ Pension; orIncome from One House Property (excluding cases where loss is brought forward from previous years); orIncome from Other Sources (excluding Winning from Lottery and Income from Race Horses)

ITR-2This Return Form is to be used by an individual or a Hindu Undivided Family whose total income for the assessment year 2013-14 includes:-Income from Salary/Pension; orIncome from House Property; orIncome from Capital Gains; orIncome from Other Sources (including Winnings from Lottery and Income from Race Horses).Further, in a case where the income of another person like one's spouse, 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.

ITR-3This Return Form is to be used by an individual or an Hindu Undivided Family who is a partner in a Partnership Firm or LLP 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.

ITR-4S OR SUGAMIncome tax Return to be filed by individuals, HUF and small business taxpayers having:Presumptive Business IncomeSalary / PensionOne house propertyIncome from other sources.

ITR-4For individuals and HUFs having income from a proprietory business or profession.ITR-5For firms, LLPs, AOPs (Association of persons) and BOIs (Body of Individuals)ITR-6For Companies other than companies claiming exemption under section 11 (Income from property held for charitable or religious purposes)This return has to be filed electronically only.

ITR-7scientific research association;news agency ;association or institution referred to in section 10(23A);institution referred to in section 10(23B);fund or institution or university or other educational institution or any hospital or other medical institution.

1 For all other Corporate assessees 30.09.20142. For non corporate assessees, (Like Partnership Firm ,prop Firm) whose accounts arerequired to be audited under Income tax act 30.09.20143.For working partners of Partnership firms covered under sr no (3) above 30.09.20144.For any other assessees Like Salaried Income ,Person having Income from House property ,Interest income , Business Income where accounts are not required to be audited . 31.07.2014

What is bookkeepingFundamental accounting assumptions gcaAccounting principles pmsAccounting standards

Evolution and Types of ASAccounting StandardsInitiation1. AS 1 to AS 151979 to 19952. AS 16 to AS 292000 to 20073. AS 30 to AS 32Later part of 2007

AS 1-Disclosure of Accounting PoliciesSpecific policies adapted to prepare FSShould be disclosed at one place Purpose :-Better understanding of FSBetter comparison analysisMostly needed w.r.t Depreciation

AS 2- Accounting for InventoriesUsed for computation of Cost of inventories and to show in BS till it is sold Consists of :-Raw MaterialsWork in progressFinished goodsSpares, etc

Measurements of InventoriesDetermination of Cost of Inventories Cost of purchase (Purchase price, duties & taxes, freight inwards) Cost of conversionDetermination of Net realisable valueComparison of cost and net realisable

AS 3- Cash Flow StatementsIncoming and outgoing of cashAct as barometer to judge surplus and deficitExplain Cash flow under 3 heads :-Cash flow from operating activitiesCash flow from financing activitiesCash flow from investing activities

AS 4- Contingencies and events occurring after BS dateFor maintaining Provision of Bad debtsGenerally uses Conservative concepts of Accounting like Bankruptcy, frauds & errors.

AS 5- Net profit or loss for the period, prior period items and change in Accounting policiesAscertain certain criteria for certain itemsInclude income and expenditures of Financial yearConsists of 2 componentProfit and loss of ordinary activitiesProfit and loss of extra ordinary activities

AS 6- Accounting for DepreciationA non-cash expenditureDistribution of total cost to its useful lifeOccurs due to obsolescenceDifferent methods of computationStraight line method ( SLM )Written-down value or diminishing value (WDV)

AS 7- Construction ContractContract specifically negotiated for construction of Asset or combination of Assets closely inter-related

AS 9- Revenue RecognitionMeans gross inflow of cash and other consideration like arising out of :-Sale of goodsRendering servicesUse of enterprise resources by other yielding interest, dividend and royalities.

AS 10- Accounting for Fixed AssetsCalled as Cash generating AssetsExpected to used for more than a Accounting period like land, building, P/M, etcShown at either Historical or Revalued value

AS 11- Effect of change in FOREX RatesClassification for Accounting treatment:-Category I: Foreign currency transactions: a) buying and selling of goods or services b) lending and borrowing in foreign currency c) Acquisition and disposition of assetsCategory II: Foreign operations: a) Foreign branch b) Joint venture c) Foreign SubsidiaryCategory III: Foreign Exchange contracts: a) For managing Risk/hedging b) For trading and Speculation

AS 12- Accounting for Govt. GrantsAssistance provided by Govt. in cash or in kind likeGrants of Assets like P/M, Land,etcGrants related to depreciable FATax exemptions in notified area

AS 13- Accounting for InvestmentsAssets held for earning incomes like dividend, interest, rental for capital appreciation, etcIt involves:-Classification of InvestmentCost of InvestmentValuation of InvestmentReclassification of InvestmentDisposal of InvestmentDisclosure of Investment in FS

AS 14- Accounting for AmalgamationSection 391 to 394 of Companies Act, 1956 governs the provision of amalgamation.Disclosures:Names and nature of amalgamating companiesEffective date of amalgamationMethod of Accounting usedParticulars of scheme sanctioned under a statute

AS 15- Employees BenefitsAll forms of consideration given by enterprise directly to the employees or their spouses, children or other dependants, to other such as trust, insurance companies in exchange of services rendered.

AS 16- Borrowing CostsInterest and cost incurred by an enterprise in connection to the borrowed funds.Availed for acquiring building, installed FA to make it useable and saleable.

AS 17- Segment ReportingIt consists of 2 segment:-Business segmentGeographical segmentInformation and different risk and return reporting.

AS 18- Related party disclosureRelated party are those party that controls or significantly influence the management or operating policies of the company during reporting periodDisclosure:Related party relationshipTransactions between a reporting enterprises and its related parties.Volume of transactionsAmt written off in the period in respect of debts

AS 19- Accounting for LeasesAgreement between Lessor And LesseeTwo types of leases:Operating leaseFinance leaseDifferent from SaleClassification to be made at the inception

AS 20- Earning per shareEarning capacity of the firmAssessing market price for shareAS gives computational methodology for determination and presentation of EPS2 types of EPS

AS 21- Consolidated Balance SheetAccounting for Parent and Subsidiary company in single entityDisclosure:-List of all subsidiariesProportion of ownership interestNature of relation whether direct or indirect

AS 22- Accounting for taxes and incomeTax accounted for period in which are accountedIt should be accrued and not liability to payDeals in 2 measurements:-Current taxDeferred tax

AS 23- Accounting for investments in Associates in CFS Objectives to set out principles and procedures for recognizing the investment associates in CFS of the investors, so that effect of investments in associates on financial position of group is indicated.

AS 24- Discontinuing operationsEstablishes principles for reporting information about discontinuing operationsCovers discontinuing operations rather than discontinued operation

AS 25-Interim Financial Reporting (IFR)Reporting for less than a year i.e 3 monthsClause 41 says publish financial results on quarterly basisObjective is to provide frequently and timely assessment

AS 26- Intangible AssetsNo physical existenceCan not be seen or even touched3 featured as per ASIdentifiableNon-monetary assetsWithout physical substance

AS 27- Financial Reporting of interest in Joint VentureWhat is joint venture?Three types of JV in case of Financial reporting

AS 28- Impairment of AssetsWeakening of Assets valueOccurs when carrying cost more than recoverable amtCarrying cost = Cost of assets Accumulated Depreciation

AS 29- Provision, contingent liabilities and assetsProvisions:- It is a Liability Settlement should result in outflow Liability is result of obligating eventContingent liabilities:- Obligation arises of past event Existence confirmed when actually occurred of uncertain futureContingent Asset Same as Contingent liability

Financial InstrumentsAS 30 Recognition and MeasurementAS 31 PresentationAS 32 DisclosuresHas not been made mandatory (expected in 2009)

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Sr noParticularsDue date1For such corporate assessees which is required to furnish a report u/s 92E(transfer pricing) of the Income Tax Act, 196130.11.20142For all other Corporate assessees30.09.2014(Due date to obtain & file audit report extended to 30.11.14)3For non corporate assessees, (Like Partnership Firm ,prop Firm) whose accounts arerequired to be audited under Income tax act

(Like 44AB turnover is more than 100 lakh in case of business and 25 lakh in case of profession-section 44ABand Business where disclosed profit is less than 8% of the turnover -Section 44AD)(year wise audit limit 44AB is available here)or any other act for the time being in force. 30.09.201430.11.2014(Due date to obtain & file audit report extended to 30.11.14)

Due date to file Income Tax return for audit cases extended to 30.11.20144For working partners of Partnership firms covered under sr no (3) above30.09.201430.11.20145For any other assessees Like Salaried Income ,Person having Income from House property ,Interest income , Business Income where accounts are not required to be audited .31.07.2- See more at: http://www.simpletaxindia.net/2014/06/due-date-to-file-income-tax-return-assessment-year-2014-15.html#sthash.TyMbo9ay.dpuf