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.

 Particulars

Due date

1.

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

30.11.2013

2.

For all  other Corporate assessees

30.09.2013

3.

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.


30.09.2013

4.

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

30.09.2013

5.

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 .

31.07.2013

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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 used.so 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.

 

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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.

 

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No requirement to obtain TAN by transferee of immovable properties

No requirement to obtain TAN by transferee deducting tax under section 194-IA

Section 194-IA was proposed to be inserted by the Finance Bill, 2013 to provide for deduction of tax at source@1% on consideration for transfer of immovable property, other than agricultural land. However, no tax is to be deducted if the consideration for transfer of immovable property is less than Rs.50 lakhs.

Since this provision requires deduction of tax by the transferee, it presupposes that the transferee should have a TAN. This may cause genuine hardship to those transferees who do not possess a TAN. Further, it would be an additional burden to require such persons to apply for and obtain TAN for a single transaction.

To address this concern, sub-section (3) has now been inserted in section 194-IA to provide that provisions of section 203A containing the requirement of obtaining TAN, shall not apply to a person required to deduct tax in accordance with the provisions of section 194-IA.

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