Income Tax Amendments for Assessment Year 2013-14

1.  The new amendment makes it very clear that the provisions relating to filing of Income-tax Return by the individuals in Form SAHAJ (ITR1) shall not be applicable to a person who is resident, other than not ordinarily resident in India specially if such person has assets (including financial interest in any entity) located outside India or such person has signing authority in any account located outside India.

2.  The SAHAJ Income-tax Return form also cannot be used by an individual claiming any double taxation tax relief under sections 90 or 90 A or 91 of the Income-tax Act, 1961.

3.  It is provided in the new amendment that Income-tax Return for the A.Y. 2013-2014 also cannot be filed in form No. SAHAJ by all individuals having income not chargeable to tax exceeding Rs. 5,000/-.

4. The new amendment provides that where the assessee is required to furnish a report of Audit as per section 115AB or 92E or 115JB of the Income-tax Act, 1961, then such audit report shall be furnished electronically with the Income-tax Return.

5. Now all the assesses who has income more than Rs 5 lakh has to file return electronically.

6. All those tax payers who are claiming relief of tax in terms of section 90 or 90A or 91 of the Income-tax Act and are filing their Income-tax Return for the AY 2013-14 and subsequent years will now be required to furnish their Income-tax Return electronically under Digital Signature or transmitting the data in the Return electronically and thereafter submitting the verification of the Return in Form ITR V.

7. The most important amendment with reference to filing Income-tax Return is with reference to a new “Schedule AL” which is introduced in ITR 3 & ITR 4. This schedule contains details of Assets & liabilities of an individual or HUF. This schedule is to be filled up when the income of the individual or HUF exceeds Rs. 25 lakhs.

 

Advertisements

2 thoughts on “Income Tax Amendments for Assessment Year 2013-14

  1. Any knowledge about Section 80 TTA introduced for SB A/c interest up to Rs. 10000/-. Do we add this interest to the income and then remove it as deduction?

    Like

What is your opinion?

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s