TDSMAN Blog

Smart & Easy TDS Software for Preparing TDS Returns

TDSMAN Blog - Smart & Easy TDS Software for Preparing TDS Returns

Type of Form one can opt to file income-tax return 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

 
Income from one house property (excluding losses)

 
Income or losses from more than one house property  

 
Income not chargeable to tax which exceeds Rs. 5,000  

 
Income from other sources (other than winnings from lottery and race horses or losses under this head)

 
Income from other sources (including winnings from lottery and race horses)  

 
Capital gains/loss on sale of investments/property  

 
Share of profit of partner from a partnership firm    

 
Income from proprietary business/profession      

 
Income from presumptive business        

Details of foreign assets  

 
Claiming relief of tax under section 90, 90A or 91  

 
Share of profit of partner from a partnership firm    

 
Income from proprietary business/profession      

 
Income from presumptive business        

Details of foreign assets  

 
Claiming relief of tax under section 90, 90A or 91  

 

 

Other Assessees      

Nature of income

ITR 5

ITR 6

ITR 7

Firm

   
Association of Persons (AOP)

   
Body of Individuals (BOI)

   
Companies other than companies claiming exemption under Sec. 11  

 
Persons including companies required to furnish return under:(1) Section 139(4A);

(2) Section 139(4B);

(3) Section 139(4C); and

(4) Section 139(4D)

   

Note:

All salaried class taxpayers can’t choose ITR-1 for filing tax returns from assessment year 2013-14 onwards. They can choose ITR-1 only if they are claiming exemption under sec. 10 (E.g. HRA, Conveyance allowance etc) upto Rs 5,000 or less. So, if taxpayer is claiming any exemption under sec. 10 which exceeds Rs. 5,000, they cannot file return of income in ITR-1 (As per amended Rule 12 of income-tax rules).

 

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Impact of late filing of Income Tax Return and issue related to due date

1. Interest u/s 234A: If there is tax due after deducting advance tax, TDS and self assessment tax then interest will be applicable @1% per month and part thereof up to the date of filing of the return besides interest applicable u/s 234B or 234C. Means this interest is applicable only if there is any tax payable in your return.

2. Loss of Interest on refund: You may loose interest on refund u/s 244A as delay in filing is attributable to assessee for the period by which you have filed late return.

3. Audit Report: Person who are liable to get their accounts audited should get the audit report on or before the due date of filing return i.e 30.09.2013. E filing of audit report s mandatory from A.Y. 2013-14.

4. Revised return: Late/belated return can not be revised. This is major draw back. If you failed to file return in time then you cannot revise your income tax return. Though you may apply revision u/s154 but it has few limitation and very lengthy process.

5. Some of deduction under subsection 80 are not available for late return.

6. Due date of income tax return is related to TDS deposit and dis allowance u/s 40a(ia).

7. Due date of Income Tax return is related to tax saving u/s 54,54B,54F and some other issues in capital gain saving account deposit scheme.

8. Not able to carry forward the losses under various heads: You are not able to carry forward following type of losses if file return after due date:-

  • Speculation loss.
  • Business loss excluding loss due to un absorbed depreciation and capital exp on scientific research.
  • Short term capital loss.
  • Long term capital loss.
  • Loss due to owning and maint. of horse races.
To view the due dates of filing Income Tax Return, click here
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