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CBDT mandates e-filing of audit report and return with 5 lacs income; no more ITR 1 if Sec. 10 benefit exceeds 5k
Income-tax (3rd Amendment) Rules, 2013 redefine the conditions and eligibility to choose from a variety of Income-tax return forms. In addition, certain important amendments have also been made in, which are as follows:
| 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) | - | - | |
CA Deepak Gadgil,
Solapur, Maharashtra
9422068273 / 9960633199
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