Income Tax (3rd amendment) Rules, 2013

Income Tax (3^rd amendment) Rules, 2013

Important points to be considered while filing income tax returns for the AY 2013-14

1.       Form SAHAJ / SUGAM not to be used in the follow below circumstances

(a)   Resident other than non ordinarily resident in India having any asset ( including financial interest in any entity) located outside India

(b)   Resident other than non ordinarily resident in India has signing authority in any account located outside India

(c)    Individuals having loss under the head Income from Other sources

(d)   Individuals claiming double taxation relief under section 90/ 90A/ 91

(e)   Individuals having income not chargeable to tax exceeding Rs 5000. It means if any individual have any exempt income like dividend or interest more than Rs 5000, than he shall not file the above forms, rather he has to file form 2/4.

2.      Audit Report as per section 115AB or 92E or 115JB or 44AB of the income tax act 1961 is to be furnished electronically with the income tax return

3.      E- Filing of return is compulsory for income more than Rs 5 lakhs -----All persons other than companies and persons filing form no 7 like trusts are required to furnish income tax return electronically under digital signature or transmitting the data in return electronically and thereafter submitting ITR V, if their net taxable income after deductions exceeds Rs 5 lakhs. It means if taxable income for all persons other than companies and persons filing form no 7 is less than 5 lakhs, than no income tax return is to be filed subject to some fulfillment of certain conditions.

4.      New “schedule AL” has been attached to the ITR 3 and ITR 4 which is now to be filled up relating to the assets and liabilities of an individual or HUF if income exceeds Rs 25 lakhs.