Assets details mandatory in Income Tax Return A.Y. 13-14

The major change in ITR forms for Financial year 2012-13 is that now you have to provide your all personal assets details (other than involved in your business) and liabilities related to such assets .This details are required to be filled in ITR-3 as well as in ITR-4. However it is not required to filled in ITR-1 and ITR-2 .

ITR -3 is required to be filled by Individuals/HUFs being partners in firms and not carrying out business or profession under any proprietorship.

ITR-4 is required to be filled by individuals and HUFs having income from a proprietary business or profession.

So basically ,if you fulfill two condition as given below ,then you have to fill all your personal Plus business assets /Liabilities details in Income Tax return.

1.  First condition to fill all assets details in ITR forms in AY 2013-14 is that person (individual/HUF) is earning income under the Head of Business and profession.(person is required to fill ITR-3 or ITR-4)

2. Second condition is that total income is more than 25 lakh in ay 2013-14.

Second condition may provide relief for many but for Higher income group personal assets details is now must in Income tax return form ITR-3 and ITR-4.The basic intention of CBDT is here to get information about assets of HNI (High Net Worth Investors).

A new schedule AL(assets /liabilities) has been added in ITR-3 as welll as in ITR-4 .As per New schedule A/L following details is to be provided.

Particulars of Asset ,

1. Immovable Asset

  •     Land
  •     Building

2. Movable Asset

 a. Financial Asset

i) Deposits in Bank (including balance in any account)

ii) Shares and securities

iii) Insurance policies

 iv) Loans and Advances given

 v) Cash in hand

 b. Jewellery, bullion etc.

c. Archaeological collections, drawings, painting, sculpture or any work of art

d. Vehicles, yachts, boats and aircrafts

3. Liability in relation to Assets


Income Tax Return – Due Date A.Y. 2013-14

As per the provisions of section 139 of the Income Tax Act, 1961 the due dates for filing of returns of income for different category of assessees are given as under:

Income Tax Return Due Date AY 2013-14

Sl no.


Due date


For such corporate assessees which is required to furnish a report u/s 92E of the Income Tax Act, 1961



For all  other Corporate assessees



For non corporate assessees, (Like Partnership Firm ,prop Firm) whose accounts are required to be audited under Income tax act

(Like 44AB turnover is more than 100 lakh in case of business and 25 lakh in case of profession- section 44AB and Business where disclosed profit is less than 8% of the turnover -Section 44AD)
(year wise audit limit 44AB is available here)
or any other act for the time being in force.



For working partners of Partnership firms covered under sr no (3) above



For any other assessees Like Salaried Income ,Person having Income from House property ,Interest income , Business Income where accounts are not required to be audited .



Who can use SAHAJ (ITR-1) and who cannot use SAHAJ? A.Y. 13-14

 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 not use this form and second main point is that if assessee’s exempted income is more than 5000/ then that assessee can not use Sahaj (ITR-1) .Most of the person using Sahaj form last year may have more than 5000/- exempted income ,so now they can not use this form?

For example :

  • Salaried person getting transport allowance which is exempted 800 per month (more than 5000) can not 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 not be basically 70-80 % persons who have used ITR-1 earlier technically out from its preview.Details is given below.

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.

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.



Mandatory e-filing of Income Tax Return if income exceeds Rs. 5,00,000

 e-filing of return is mandatory if income exceeds Rs. 5,00,000 or assessee claims relief U/s. 90, 90A or 91

CBDT has vide notification No. 34/2013 dated 01.05.2013 has made it mandatory for the following category of the Assesses to file their Income Tax Return Online from A.Y. 2013-14 :-

(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) an individual or a Hindu undivided family, being a resident, having assets (including financial interest in any entity) located outside India or signing authority in any account located outside India and required to furnish the return in Form ITR-2 or ITR-3 or ITR-4, as the case may be.

(c)  Every person claiming tax relief under Section 90, 90A or 91 shall file return in electronic mode.

(d) Those who are required to get their Account under Section 44AB

(e) A firm required to furnish the return in Form ITR-5 or an individual or Hindu Undivided Family (HUF) required to furnish the return in Form ITR-4 and to whom provisions of section 44AB are applicable

(f) A company required to furnish the return in Form ITR-6.

Those who are not covered by above can File there Return in any of the below mode:-

(i) furnishing the return in a paper form;

(ii) furnishing the return electronically under digital signature;

(iii) transmitting the data in the return electronically and thereafter submitting the verification of the return in Form ITR-V;

(iv) furnishing a bar-coded return in a paper form.