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Latest Amendments for Filing Income Tax Return for FY 2012-13 (AY 2013-14)

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Latest amendments for filing tax return for FY 2012-13
As 31st July is coming close, everyone is worried about filing of income tax return for FY 2012-13. One should keep in their mind that tax department has made certain amendments for filing IT return. Few of the changes are very much crucial for filing return by the tax payer for the assessment year 2013 - 14. For the reason so far, focus is on those certain changes which should be considered at the time of filing IT return. Some of the income tax return forms which have been substituted are SAHAJ ITR1, ITR2, ITR3, SUGAM ITR 4, ITR4S & ITR V. Always write your correct PAN details and also verify it at the time of filing. Also, use new income tax forms at the time of filing IT return.

Here are few vital amendments which have been made by the taxation department for the filing of IT return for the current assessment year. These certain changes will help you in hassle free ITR filing:

 

The SAHAJ ITR1 form is to be used by people who get income from salary or pension, have income from one house property or from other certain sources of income (except income from lottery or horse race). On the other hand, SAHAJ ITR2 form is applicable for those people who have additional sources of income except from profession (service or business) which is not sheltered under ITR1. ITR3 is for those who have certain income from business through a partnership firm. SUGAM ITR4 is for those people who have income from business obtaining advantages of presumptive taxation scheme. ITR4 is for those people whose income is from profession/ business and is not covered under ITR4S.

 

It has been made mandatory by the Income Tax Department for every taxpayer whose income is more than Rs 5 Lakhs, to file the return in electronic form. Also, electronic filing is compulsory where relief is claimed under double taxation / tax treaty. However, educational institutions and other charitable trustd who are required to file their IT return in Form No. 7 will not necessarily be required to file the return electronically, irrespective of their income.

Till last year, ITR1 was applicable for individuals having loss under the head of ‘other sources'. However with the new amendments, individual with losses will not be able to file income tax return in form SAHAJ ITR1. It is clearly mentioned in new revision that if a person is taking benefits of filing return in the SAHAJ form, he/she should not have any loss under the head "other sources".

According to the new amendment, it is very obvious that the provision relating to the filing of IT return by the person in form SAHAJ (ITR1) shall not be applicable for person who is having assets ( including financial interest in any of the entity) positioned outside India or if that person has signing authority in any account placed outside India.

Also, SAHAJ ITR form is not applicable for any individual seeking a double taxation relief under section 90, 90A or 91 of Income Tax Act, 1961.

It is clearly mentioned in the new amendment that IT return for the assessment year 2013 -14 also cannot be filled in form SAHAJ by all those having income not chargeable to tax (exempt income) exceeding Rs 5,000.

It is obvious that tax payers need not enclose any papers or documents along with their IT return. On the other hand, the new amendment provides that where the assessee is required to provide a report of Audit as per section 115AB or 92E or 115JB of the IT Act, 1961, then such report shall be submitted electronically along with the IT return.

Under the new Schedule AL, which has been initiated in ITR3 and ITR4, the assessee has to show all the details of immovable assets, bank deposits, investment in shares, jewellery, cash, vehicles etc and corresponding liabilities or HUF where income exceeds Rs 25 Lakhs.

For all the taxpayers, it is time to systematize their income and other investment documents. Everyone must gather TDS certificates from the employer, banks and other parties on time. Reconcile all details of TDS against Form 26AS. Along with above amendments, select the correct ITR form and fill all the particulars attentively and also ensure claiming benefits of tax saving instruments. Remember to mention exempt income such as dividends, Public Provident Fund interest, etc. Cross check all the details of bank account in case of refund.

About the Author:

Amit Sethi is an MBA (Fin) graduate and a Financial Consultant. He has spent over 10 years in Equity research, Stock broking and Financial Consultancy Sector. He can be reached at [email protected]

Courtesy:www.investmentyogi.com


Read more about: it returns
Story first published: Thursday, July 4, 2013, 8:43 [IST]
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