CBDT has issued a notification regarding e-filing of Audit Report and Return on Income of Rs. 500000/- is mandatory as well as no more ITR-I, if Sec. 10 Benefit exceeds it.
GOVERNMENT OF INDIA
MINISTRY OF FINANCE
DEPARTMENT OF REVENUE
[CENTRAL BOARD OF DIRECT TAXES]
NOTIFICATION
MINISTRY OF FINANCE
DEPARTMENT OF REVENUE
[CENTRAL BOARD OF DIRECT TAXES]
NOTIFICATION
New Delhi, the 1st day of May, 2013
Income-tax
S.O. 1111 (E).─ In exercise of the powers conferred by section 295 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following rules further to amend the Income-tax Rules, 1962, namely:-
1. (1) These rules may be called the Income-tax (3rd Amendment) Rules, 2013.
(2) They shall be deemed to have come into force with effect from the 1st day of April, 2013.
2. In the Income-tax Rules, 1962 (hereinafter referred to as the said rules), in rule 12,─
(a) in sub-rule (1),-
(A) for the figures “2012”, the figures “2013” shall be substituted;
(B) in item (a),─
(i) in sub-item (iii), after the words “income from race horses”, the words “and does not have any loss under the head” shall be inserted;
(ii) for the proviso, the following proviso shall be substituted, namely:-
“Provided that the provisions of this clause shall not apply to a person who,-
(I) is a resident, other than not ordinarily resident in India within the meaning of sub-section (6) of section 6 and has,─
(i) assets (including financial interest in any entity) located outside India; or
(ii) signing authority in any account located outside India;
(II) has claimed any relief of tax under sections 90 or 90A or deduction of tax under section 91; or
(III) has income not chargeable to tax, exceeding five thousand rupees.”;
(C) in clause (ca), for the proviso, the following proviso shall be substituted, namely:-
“Provided that the provisions of this clause shall not apply to a person who,-
(I) is a resident, other than not ordinarily resident in India within the meaning of sub-section (6) of section 6 and has,─
(i) assets (including financial interest in any entity) located outside India; or
(ii) signing authority in any account located outside India;
(II) has claimed any relief of tax under sections 90 or 90A or deduction of tax under section 91; or
(III) has income not chargeable to tax, exceeding five thousand rupees.”;
(b) in sub-rule(2), the following proviso shall be inserted, namely:-
“Provided that where an assessee is required to furnish a report of audit under sections 44AB, 92E or 115JB of the Act, he shall furnish the same electronically.”;
(c) in sub-rule (3), in the proviso,-
(A) in clause (a),─
(i) for the words “an individual or a hindu undivided family”, the words “a person, other than a company and a person required to furnish the return in Form ITR-7” shall be substituted;
(ii) for the words “ten lakh rupees” the words “five lakh rupees” shall be substituted;
(iii) for the figures “2012-13”, the figures “2013-14” shall be substituted;
(B) after clause (aaa), the following clause shall be inserted, namely:-
“(aab) a person claiming any relief of tax under section 90 or 90A or deduction of tax under section 91 of the Act, shall furnish the return for assessment year 2013-14 and subsequent assessment years in the manner specified in clause (ii) or clause (iii);”
(C) in clause (b), after the words, brackets and figure “in clause (i)”, the words, brackets and figures “or clause (ii) or clause (iii)” shall be inserted.
(d) in sub-rule 4, after the words, brackets and figures “of sub-rule(3)”, the words and figures “and the report of audit in the manner specified in proviso to sub-rule (2)” shall be inserted.
(e) in sub-rule (5), for the figures “2011”, the figures “2012” shall be substituted.
3. In the said rules, in Appendix-II, for “Forms SAHAJ (ITR-1), ITR-2, ITR-3, SUGAM (ITR-4S), ITR-4 and ITR-V”, the “Forms SAHAJ (ITR-1), ITR-2, ITR-3, SUGAM (ITR-4S), ITR-4 and ITR-V” shall be substituted.
(Gaurav Kanaujia)
Deputy Secretary to the Government of India
Note.- The principal rules were published in the Gazette of India, Extraordinary, Part-II, Section 3, Sub-section (ii) vide notification number S.O.969(E), dated the 26th March, 1962 and last amended by Income-tax (2nd Amendment) Rules, 2013 vide notification S.O. No.410 (E) dated 19th February, 2013.
S.O. 1111 (E).─ In exercise of the powers conferred by section 295 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following rules further to amend the Income-tax Rules, 1962, namely:-
1. (1) These rules may be called the Income-tax (3rd Amendment) Rules, 2013.
(2) They shall be deemed to have come into force with effect from the 1st day of April, 2013.
2. In the Income-tax Rules, 1962 (hereinafter referred to as the said rules), in rule 12,─
(a) in sub-rule (1),-
(A) for the figures “2012”, the figures “2013” shall be substituted;
(B) in item (a),─
(i) in sub-item (iii), after the words “income from race horses”, the words “and does not have any loss under the head” shall be inserted;
(ii) for the proviso, the following proviso shall be substituted, namely:-
“Provided that the provisions of this clause shall not apply to a person who,-
(I) is a resident, other than not ordinarily resident in India within the meaning of sub-section (6) of section 6 and has,─
(i) assets (including financial interest in any entity) located outside India; or
(ii) signing authority in any account located outside India;
(II) has claimed any relief of tax under sections 90 or 90A or deduction of tax under section 91; or
(III) has income not chargeable to tax, exceeding five thousand rupees.”;
(C) in clause (ca), for the proviso, the following proviso shall be substituted, namely:-
“Provided that the provisions of this clause shall not apply to a person who,-
(I) is a resident, other than not ordinarily resident in India within the meaning of sub-section (6) of section 6 and has,─
(i) assets (including financial interest in any entity) located outside India; or
(ii) signing authority in any account located outside India;
(II) has claimed any relief of tax under sections 90 or 90A or deduction of tax under section 91; or
(III) has income not chargeable to tax, exceeding five thousand rupees.”;
(b) in sub-rule(2), the following proviso shall be inserted, namely:-
“Provided that where an assessee is required to furnish a report of audit under sections 44AB, 92E or 115JB of the Act, he shall furnish the same electronically.”;
(c) in sub-rule (3), in the proviso,-
(A) in clause (a),─
(i) for the words “an individual or a hindu undivided family”, the words “a person, other than a company and a person required to furnish the return in Form ITR-7” shall be substituted;
(ii) for the words “ten lakh rupees” the words “five lakh rupees” shall be substituted;
(iii) for the figures “2012-13”, the figures “2013-14” shall be substituted;
(B) after clause (aaa), the following clause shall be inserted, namely:-
“(aab) a person claiming any relief of tax under section 90 or 90A or deduction of tax under section 91 of the Act, shall furnish the return for assessment year 2013-14 and subsequent assessment years in the manner specified in clause (ii) or clause (iii);”
(C) in clause (b), after the words, brackets and figure “in clause (i)”, the words, brackets and figures “or clause (ii) or clause (iii)” shall be inserted.
(d) in sub-rule 4, after the words, brackets and figures “of sub-rule(3)”, the words and figures “and the report of audit in the manner specified in proviso to sub-rule (2)” shall be inserted.
(e) in sub-rule (5), for the figures “2011”, the figures “2012” shall be substituted.
3. In the said rules, in Appendix-II, for “Forms SAHAJ (ITR-1), ITR-2, ITR-3, SUGAM (ITR-4S), ITR-4 and ITR-V”, the “Forms SAHAJ (ITR-1), ITR-2, ITR-3, SUGAM (ITR-4S), ITR-4 and ITR-V” shall be substituted.
(Gaurav Kanaujia)
Deputy Secretary to the Government of India
Note.- The principal rules were published in the Gazette of India, Extraordinary, Part-II, Section 3, Sub-section (ii) vide notification number S.O.969(E), dated the 26th March, 1962 and last amended by Income-tax (2nd Amendment) Rules, 2013 vide notification S.O. No.410 (E) dated 19th February, 2013.
Summery:
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Form
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Existing position
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New Position
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Form Sahaj
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Return in ITR 1 can't be filed if assessee incurs
losses under the head 'Income from other sources'
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(ITR 1)
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An individual if his total income
includes:
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An individual if his total income includes:
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(a) Salary and family pension;
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(a) Salary and family pension;
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(b) Income from one house property
(excluding losses);
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(b) Income from one house property
(excluding losses);
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(c) Income from other sources but does not
include:
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(c) Income from other sources but does not
include:
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• Winnings from lottery;
and
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• Winnings from lottery;
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• Winnings from horse races.
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• Winnings from horse races;
and
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• Loss under this head.
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Form Sahaj
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Return in ITR 1 can't be filed if assessee
claims tax relief or has any income which is exempt under Chapter III
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(ITR 1)
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Return in ITR 1 cannot be filed by a resident person
(other than not ordinarily resident in India), if he has:
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Return in ITR 1 cannot be filed by a resident person
(other than not ordinarily resident in India), if he has:
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(a) Any asset (including financial interest)
located outside India;
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(a) Any asset (including financial interest)
located outside India;
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(b) Signing
authority in any account located outside India.
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(b) Signing authority in any account located
outside India;
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(c) Claimed any relief of tax under Section 90,
90A or 91;
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(d) Incomme exceeding Rs. 5,000 which is not
chargeable to tax. In other words, if assessee claims exemption in respect of
any income under Section 10, 10A, 10AA, etc.
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Form Sugam
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Return in ITR 4S can't be filed if assessee claims tax
relief or has any income which is exempt under Chapter III
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(ITR 4S)
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Return in ITR 4S cannot be filed by an Individual or a
HUF deriving income as referred to in Sections 44AD or 44AE, if it has:
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Return in ITR 4S cannot be filed by an Individual or a
HUF deriving income as referred to in Sections 44AD or 44AE, if it has:
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(a) Any asset (including financial interest)
located outside India;
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(a) Any asset (including financial interest)
located outside India;
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(b) Signing authority in any account located
outside India.
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(b) Signing authority in any account located
outside India;
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(c) Claimed any tax relief under Section
90, 90A or 91;
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(d) Income exceeding Rs. 5,000 which is
not chargeable to tax. In other words, if assessee claims exemption in
respect of any income under Section 10, 10A, 10AA, etc.
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Audit Report
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Mandatory e-filing of audit reports
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No such requirement
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E-filing of following audit reports shall be mandatory in
following cases:
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(a) Audit report under Sec. 44AB in respect
of books of account;
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(b) Audit report under Sec. 92E in respect
of international transaction; or
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(c) Audit report under Sec. 115JB in respect
of MAT computation.
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Mandatory e-filing of return
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Mandatory e-filing of return if income exceeds Rs.
5,00,000 or assessee claims tax relief
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It is mandatory for
an individual or an HUF to e-file the return of income if its total income
exceeds Rs. 10,00,000
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(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
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(b) Every person claiming tax
relief under Section 90, 90A or 91 shall file return in electronic
mode.
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