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Amendments in Income Tax Forms

Amendments in Income Tax Forms. By Manoj Kumar FCA 9810764620. Income Tax Return Forms. Amendments in I.T. Act for A.Y.2013-14 and Changes in ITR Forms . Changes in ITR 6. Designed in accordance with schedule-VI Share Application Money pending allotment -Pending for less than a year

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Amendments in Income Tax Forms

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  1. Amendments in Income Tax Forms By Manoj Kumar FCA 9810764620

  2. Income Tax Return Forms

  3. Amendments in I.T. Act for A.Y.2013-14 and Changes in ITR Forms.

  4. Changes in ITR 6 • Designed in accordance with schedule-VI • Share Application Money pending allotment -Pending for less than a year - Pending for more than a year Non Current Liabilities -Deposit from related parties - Loan and advance from related parties

  5. Trade payables • - Outstanding for more than a year • - others Long term loans and advances • -for the purpose of business or profession • -not for the purpose of business or profession • -given to shareholder, being the beneficial owner of share, or to any concern or on behalf/ benefit of such shareholder as per section 2(22)(e) of I.T. Act

  6. Expenses to be disclosed into: • To non resident other than a company or a Foreign company To others • Commission • Royalty • Professional / Consultancy fees / Fee for technical services • Interest

  7. Bad debts written off - Specify PAN of the person, if it is available, for whom Bad Debt for amount of Rs.1 lakh 0r more is claimed and amount -Others (more than Rs. 1 lakh) where PAN is not available -Others (amounts less than Rs. 1 lakh) -Applicability to ITR 5 also depending upon its constitution

  8. AMT AND AMTC-115 JC and 115 JD • The finance Act 2012 extended the scope of person covered under Alternate Minimum Tax u/s 115JC and hence, suitable amendments has been brought in the ITR For 4,5, and 7 providing for AMC and AMTC by introducing schedule AMT and AMTC.

  9. Schedule AMTC

  10. -Mandatorily e filling of Income Tax Return • 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.

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

  12. In case account / report is required to be audited u/s 44AB, 92E, 115JB, 10 (23C) (iv), (v), (vi) or (via), 10A, 12(1)(b), 80-IA, 80-IB, 80-IC, 80-ID, 80JJAA, 80LA. • ITR 7 is optional to be filed on line.

  13. SOME OTHER IMPORTANT INCLUSIONS IN NEW • Name of the Country . • Provision made for two email ids. One for assessee & other of professional Intermediary • Under the Schedule 'Deductions': Sec. 80CCD bifurcated into two Parts namely Sec80CCD(1) & 80CCD(2). Sec 80CCG inserted. (Rajiv Gandhi Equity Saving Scheme.) • Sec 80TTA inserted. (Deduction in respect of Interest on Deposit in savings Account) • IFSC code to be mentioned under the head 'Bank account detail'. Now MICR code is not required. • In "SAHAJ & SUGAM" forms, now the assessee has to specify, whether Income from House Property is fromSelf Occupied House or from Let Out House. This option was not there in earlier forms. • Date of Furnishing of Audit report' is now inserted under the head 'Audit Information' in ITR - 4. • Another new addition in ITR-4 is " Whether Tax Payer is liable to furnish a report u/s 92E

  14. Now 'Income from wining from Lotteries, crossword puzzles, races, games, gambling, betting etc'. is to be shown separately under the sub head 'Income from other Sources' in Schedule TI (Total Income). • Now 'Income Chargeable to Tax at Special Rates' is also to be shown separately under the Schedule TI (Total Income). • TAX Payable on Deemed Total Income u/s 115JC & Tax Credit available u/s115JD'is now to be shown separately under the Schedule 'Computation of Tax Liability' & its detailed calculation is to be given in 'Schedule AMT & AMTC' respectively. • 'Rebate on Agricultural Income' is now to be shown separately in the Schedule 'Computation of Tax Liability‘ by reducing it from the Taxes computed at Normal Special Rates, to arrive at Tax Payable on Total Income.

  15. Additions & Deductions in accordance with sec 28 to 44DA are now to be shown separately while computing Income from Specified Business in Schedule BP of ITR-4. • In Schedule 80-IB , Deduction in relation to operating & maintaining a hospital in any area other than excluded area (clause 11C), has been inserted. • In ITR-3, in Schedule IF (Information regarding partnership firm)- Assessee is now required to state, whether the firm is liable for audit or not?.

  16. Manner of furnishing online return • Furnishing the Return in paper Form. • Furnishing the return electronically under DSC. • Transmitting the data in the Return electronically and thereafter submitting the verification of the Return in Form ITR V. • Furnishing the Bar Coded Return in a Paper Form.

  17. ON LINE FILLING OF AUDIT REPORT

  18. Procedure for on filling Audit Report • The chartered accountants qualified to conduct the audit will go to Income Tax e- filling web site and click on Register yourself and then provide the following information: • Name as per ICAI records • Membership number • Date since member • Password to be created • DSC • E-mail id • Mobile No.

  19. After registration you will receive an activation link on email id provided during registration now you will have to click on the link to complete the registration process. Once complete the registration process, you can now login by using user id as ARCA (authorized representative CA) prefixing with your membership number. E.g.. ARCA654321. with date of birth and password

  20. Assessee’s Accounts • STEP 2 This step is to be done by the assessee .Assessee, who needs to get his account audited u/s 44AB of the Act, shall add the CA who is going to or has signed his tax audit report by following steps given below: • Login with the user id and password of the assessee • Go to my account • Add CA – Enter the membership no. of CA from whom the assessee wants or got his account audited and the system will automatically reflects the name of the CA only if he is already registered as tax professional as mentioned in Step 1

  21. Select the form name 3CB/CD or 3CA/CD • E-mail will be sent to selected CA about the adding his as CA of a particular assessee. • E-mail will be sent to assessee also regarding the addition/change in CA.

  22. STEP 3 • Now this step is similar to generating XML file for filing ROI, Download excel utility form of the tax audit report from the link given below, fill it completely and generate the XML file or it can be done through software • https://incometaxindiaefiling.gov.in/eFiling/UserLogin/LoginHome.html?nextPage=efile • Go to download • Forms (other than ITR) • Form 3CD has 4 pages and each page has save button so that the information can be filled and saved page wise. • After filling the form validate it and if there is any mistake, the same will be highlighted - generate XML file

  23. STEP 4 • Balance Sheet and Profit and Loss Account is required to be attached or uploaded (in PDF format) with the XML file of tax audit report, prepare the final balance sheet and profit and loss account before submitting the tax audit report.

  24. STEP 5 • After preparing all the documents now upload it on e- filing portal of income tax by following steps: • Go to the link https://incometaxindiaefiling.gov.in/e-Filing/Logout.html?ID=872639272 • Login with user id and password (e.g.ARCA654321) • Go to the menu E-file • Select the option upload forms • Fill out the required details and submit it.

  25. STEP 6 • This step is to be followed either by the assessee or by CA by using user id and password of assessee. • Assessee whose tax audit report has been uploaded and submitted by the CA, (in step 5) is requiring approving the tax audit report. Steps to be followed:- • Login with the user id and password of assessee • Go to work list • Approve the tax audit report • Assessee can review the uploaded tax audit report; balance sheet and profit and loss account by CA and has the power to reject them. In that case the complete procedure of filing after registration has to be done again.

  26. NOTE :- • It is necessary for assessee (for CA if using assessee’s user ID and password) to approve the tax audit report uploaded by CA before the due date of filing the tax audit report else it will be assumed that no tax audit report has been furnished by the assessee.

  27. HAVE A DELIGHTFUL E -FILING

  28. THANKS • MANOJ KUMAR • MANOJ KUMAR MITTAL & CO. • 9810764620 • Manojmittal2005@yahoo.com

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