Income Tax Return Filing Forms revised for AY 2013-2014

Who can use SAHAJ (ITR-1)  and Who can’t use SAHAJ for Assessment Year 2013-2014

 

1.     Scope of ITR-1 (Sahaj) form has been reduced in AY 2013-14 significantly .In comparison to last year, Two main points has been added under restriction ,first persons is that assessees who have negative income under head "Income from other sources" can’t use this form and second main point is that if assessee's exempted income is more than 5000/ then that assessee can’t use Sahaj (ITR-1) .Most of the person using Sahaj form last year may have more than 5000/- exempted income ,so now they can’t use this form ?

For example : 

• Salaried person getting transport allowance which is exempted 800 per month (more than 5000) can’t  use ITR-1
• Salaried person getting HRA exemption (>5000) are also not eligible.
• Other allowances which are exempted also not eligible.
• If you have agriculture income >5000 Not eligible.
• if you have received maturity amount of insurance ,exempted at the time of receipt > 5000 also not eligible. 

and so many other instances where exempted income is more than 5000/- then ITR-1 can’t be used .so basically 70-80 % persons who have used ITR-1 earlier technically out from its preview. Details is given below.

 

 

2. Who can use this Return Form

 

This 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)

NOTE 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 only if the income being clubbed falls into the above income categories.

 

3. Who cannot use this Return Form

 

This 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.

 

4. Annexure-less Return Form

No document (including TDS certificate) should be attached to this Return Form. All such documents enclosed with this Return Form will be detached and returned to the person filing the return.

 

5. Manner of filing this Return Form

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.

Where the Return Form is furnished in the manner mentioned at 5(iii), the assessee should print out two copies of Form ITR-V.

 

NOTE One copy of ITR-V, duly signed by the assessee, has to be sent by post to - Post Bag No. 1, Electronic City Office, Bengaluru-560100, Karnataka. The other copy may be retained by the assessee for his record.

 

6. Filling out the acknowledgment

 

Only one copy of this Return Form is required to be filed. Where the Return Form is furnished in the manner mentioned at 5(1) or at 5(iv), the acknowledgment slip attached with this Return Form should be duly filled.

 

7. Obligation to file return

 

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 obligated 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:-

 

• In case of individuals below the age of 60 years  : Rs 2,00,000/-
• 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/-
• In case of individuals who are of the age of 80 years or more at any time during the financials year 2012-13: 5,00,000/-

 

E-Filing of Income Tax Return is compulsorily if your income exceeds Rs. 500,000.00

A major change has been done in mode of filing of Income Tax return for assessment year 2013-14. Now E filing of Income tax return is mandatory for all persons having income more than Rs 5,00,000. Further if you have claim double taxation benefit under section 90 ,90A, or section 91, return filing through online mode is mandatory . In previous year almost 1.00 crore assessees, who income is less than 10 lakh has filed voluntary e filing of income tax return . After analyzing these stats ,CBDT has reduced the e filing Income Limit for all assessees to Rs 500000/- from assessment year 2013-14

 

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 lotteryand 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:			-	-	Yes
(1) Section 139(4A);
(2) Section 139(4B);
(3) Section 139(4C); and
(4) Section 139(4D)

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