Category: Income Tax Return

Download Income tax return Form ITR 6 is applicable for Companies and also for Other than Companies Claiming Exemption under section 11 of the Income Tax Act,1961 for AY 2013-14/FY 2012-13.Download Income Tax Return Form: ITR1, ITR2, ITR3, ITR4, ITR4S, ITR5 for AY 2013-14.i.e.FY 2012-13

1. Assessment Year for which this Return Form is applicable
This Return Form is applicable for assessment year 2013-2014 only i.e., it relates to income earned in Financial Year 2012-13. TDS RATES CHART FOR FY 2013-14, AY 2014-15

2. Who can use this Return Form?
This Form can be used by a company, other than a company claiming exemption under section 11.

3. Annexure-less Return Form
No document (including TDS certificate) should be attached to this Return Form. All such documents enclosed with this Return Form will be detached and returned to the person filing the return. Tax-payers are advised to match the taxes deducted/collected/paid by or on behalf of them with their Tax Credit Statement (Form 26AS). View Form 26AS TDS Deduction Status Online

4. Manner of filing this Return Form
This Form has to be compulsorily furnished electronically under digital signature to the Income Tax Department. How to efile Income Tax Return and Common Mistake in Income Tax Return (ITR Efiling)

5.Computation of Tax liability on Tax Income

(1) Computation of total income

(a) “Previous year” is the financial year (1st April to the following 31st March) during which the income in question has been earned. “Assessment Year” is the financial year immediately following the  previous year.
(b) Total income is to be computed as follows, in the following order:
(i) Classify all items of income under the following heads of income-
(A) “Income from house property”; (B) “Profit and gains from business or profession”; (C) 
“Capital gains”; and (D) “Income from other sources”. [There may be no income under one or 
more of the heads at (A), (B), (C) and (D)].
(ii) Compute taxable income of the current year (i.e., the previous year) under each head of income separately in the Schedules which have been structured so as to help you in making these computations as per provisions of the Income-tax Act. These statutory provisions decide what is to be included in your income, what you can claim as an expenditure or allowance and how  much, and also what you cannot claim as an expenditure/allowance.
(iii) Set off current year’s head wise loss(es) against current year’s head wise income(s) as per  procedures prescribed by the law. A separate Schedule is provided for such set-off.
(iv) Set off, as per procedures prescribed by the law, loss (es) and/or allowance(s) of earlier 
assessment year(s) brought forward. Also, compute loss (es) and/or allowance(s) that could be set off in future and is (are) to be carried forward as per procedures prescribed by the law. 
Separate Schedules are provided for this.
(v) Aggregate the head wise end-results as available after (iv) above; this will give you “gross total income”.
(vi) From gross total income, subtract, as per procedures prescribed by the law, “deductions” 
mentioned in Chapter VIA of the Income-tax Act. The result will be the total income.

(2) Computation of income-tax, education cess including secondary and higher education cess and interest in  respect of income chargeable to tax

• Compute income-tax payable on the total income. Special rates of tax are applicable to some specified items.
• In case, the tax liability computed as above is less than 18.5% of book profit, the company is required to pay minimum alternate tax (MAT) under section 115JB at the rate of 18.5% of the profit. The excess tax so paid is allowable to be carried forward for credit in the year in which tax liability under  the normal provisions of the Act is more than MAT liability. Such carry-forward is allowable up to 5  years.
• Add Education Cess including secondary and higher education cess at the rate of 3% on the tax payable.
• Claim relief(s) as prescribed by the law, for double taxation and calculate balance tax payable.
• Add interest payable as prescribed by the law to reach total tax and interest payable.
• Deduct the amount of prepaid taxes, if any, like “tax deducted at source”, “advance-tax” and “selfassessment-tax”. The result will be the tax payable (or refundable)

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Download Income Tax Return ITR 5 for is applicable for Partnership Firm, LLP, AOP, BOI or Cooperative Society for AY 2013-14.i.e FY 2012-13.This return is not applicable for Charitable or religious trust for them ITR 7 is to be filed. Download Income Tax Return Form: ITR1, ITR2, ITR3, ITR4, ITR4S, ITR5 for AY 2013-14.i.e.FY 2012-13

1.Assessment Year for which this Return Form is applicable
This Return Form is applicable for assessment year 2013-2014 only, i.e., it relates to income earned in Financial Year 2012-13.TDS RATES CHART FOR FY 2013-14, AY 2014-15

2. Who can use this Return Form?
This Form can be used a person being a firm, LLPs, AOP, BOI, artificial juridical person referred to in section 2(31)(vii), cooperative society and local authority. However, a person who is required to file the return of income under  section 139(4A) or 139(4B) or 139(4C) or 139(4D) shall not use this form. How to Apply Online PAN Card Application

3. Annexure-less Return Form
No document (including TDS certificate) should be attached to this Return Form. All such documents enclosed with this Return Form will be detached and returned to the person filing the return. Tax-payers are advised to match the taxes  deducted/collected/paid by or on behalf of them with their Tax Credit Statement (Form 26AS). View Form 26AS TDS Deduction Status Online

4. Manner of filing this Return Form
This Return Form can be filed with the Income Tax Department in any of the following ways, –
(i) by furnishing the return in a paper form;
(ii) by furnishing the return electronically under digital signature;
(iii) by transmitting the data in the return electronically and thereafter submitting the verification of the return in Return Form ITR-V;
(iv) by furnishing a Bar-coded return.
However, a firm whose accounts are liable to audit under section 44AB shall compulsorily furnish the return in the manner mentioned at (ii) above. Where the Return Form is furnished in the manner mentioned at 4(iii), the assessee  should print out two copies of Form ITR-V. One copy of ITR-V, duly signed by the assessee, has to be sent by ordinary  post to Post Bag No. 1, Electronic City Office, Bangaluru–560100 (Karnataka). The other copy may be retained by the  assessee for his record.How to Check Income Tax Refund Status Online

From assessment year 2013-14 onwards all assessees (other than company and person filing return in ITR-7)  having total income more than 5 lakh rupees are required to furnish the return in the manner provided at 4(ii) or 4(iii). Also in case of an assessee to whom Schedule FSI and Schedule TR apply, he has to furnish the return in  the manner provided at 4(ii) or 4(iii). From assessment year 2013-14 onwards in case an assessee who is required to furnish a report of audit under  sections 10(23C)(iv), 10(23C)(v), 10(23C)(vi), 10(23C)(via), 10A, 12A(1)(b), 44AB, 80-IA, 80-IB, 80-IC, 80-ID,  80JJAA, 80LA, 92E or 115JB he shall file the report electronically on or before the date of filing the return of  income. Further, the ssessee who is liable to file the above reports electronically shall file the return of income in
the manner provided at 4(ii) or 4(iii).

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Download Income Tax Return (ITR) 4 for assessment year 2013-2014.i.e FY 2012-13. ITR 4 is applicable to by an individual or a Hindu Undivided Family who is carrying out a proprietary business or profession. In case if person is not maintaining the books of accounts as per section 44AD he can file ITR4S. Limit for u/s 44AD of Income Tax Act is Rs 1 Crore.

1.    Assessment Year for which this Return Form is applicable

This Return Form is applicable for assessment year 2013-2014 only, i.e., it relates to income earned in Financial Year 2012-13.

2. Who can use this Return Form

This Return Form is to be used by an individual or a Hindu Undivided Family who is carrying out a proprietary business or profession.

3. Obligation to file return

(a) Every individual and HUF has to furnish the return of his income if his total income before allowing deductions under section 10A or section 10B or section 10BA or Chapter VI-A (i.e., if his gross total income referred to in item 10 of Part B-TI as increased by item 6 of Schedule 10A, item f of Schedule 10A and item f of Schedule 10A of this Form) exceeds the maximum amount which is not chargeable to income tax [Rs. 1,80,000/- in case of individuals below the age of 60 years (other than women) and HUF, Rs. 1,90,000/- in case of women below the age of 60 years, and Rs. 2,50,000/- in case of individuals who are of the age of 60 years or more but less than eighty years at any time during the financial year 2012-13, and Rs. 5,00,000/- in the case of individuals who are of the age of 80 years or more at any time during the financial year 2012-13].

(b) The losses, if any, (item-15 of Part B-TI of this Form) shall not be allowed to be carried forward unless the return has been filed on or before the due date.

(c) The deduction under sections 10A, 10B, 80-IA, 80-IAB, 80-IB and 80-IC shall not be allowed unless the return has been filed on or before the due date.

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Download Income Tax Return (ITR) 4S for assessment year 2013-2014 .i.e. FY 2012-13. ITR 4S is applicable to an individual / HUF whose total income for the assessment year 2013-14 includes. Business income where such income is computed in accordance with special provisions referred to in section 44AD and 44AE of the act for computation business income or Income from salary pension or Income from one house property (excluding cases where loss is brought forward from previous year) or Income from other sources (excluding winning from lottery and income from race horses). This ITR 4S return can’t be used by person having income from more than one house property or Income from winning from lottery or income from race horses Income under the head capital gains which are not exempt from tax e.g., short-term capital gains or long-term capital gains from sale of house, plot, etc. Income from agriculture income in excess of Rs. 5000; or Income from speculative business and other special incomes Income from a profession as referred to in sub-section (1) of section 44AA or income from an agency business or income in the nature of commission or brokerage. Current Limit under section 44AD is Rs 1 Crore.

 1.       Assessment year for which this return form is applicable

This return form is applicable for assessment year 2013-14 only, i.e., it relates income earned in financial year 2012-13.

2.       Who can use this return form

This return form is to be used by an individual / HUF whose total income for the assessment year 2013-14 includes:-

a)      Business income where such income is computed in accordance with special provisions referred to in section 44AD and 44AE of the act for computation business income; or

b)      Income from salary pension; or

c)       Income from one house property (excluding cases where loss is brought  forward from previous year) ;or

d)      Income from other sources (excluding winning from lottery and income from race horses)

NOTE the income computed shall be presumed have been computed after giving full effect to every loss, allowances, deprecation under the income tax Act.

NOTE Further, in a case where the income of another person like spouse, minor child, etc. is to be clubbed with the income of assessee, this return form can be used only if the income being clubbed falls into the above income categories.

3.       Who cannot use this return form

3.1   SUGAM cannot be used to file the following incomes

a)      Income from more than one house property; or

b)      Income from winning from lottery or income from race horses; or

c)       Income under the head “capital gains “ which are not exempt from tax e.g., short-term capital gains or long-term capital gains from sale of house, plot, etc.; or

d)      Income from agriculture income in excess of Rs. 5000; or

e)      Income from speculative business and other special incomes.

f)       Income from a profession as referred to in sub-section (1) of section 44AA or income from an agency business or income in the nature of commission or brokerage.

3.2   This return form cannot be used by any resident having any asset (including financial interest it any entity) located outside India or singing authority in any account located outside India.

4.       SUGAM from is not mandatory

SUGAM business from shall not apply at the option of the assessee, if-

i)  The assessee keeps and maintains all the books of account and other document referred to in section 44AA in respect of the business.

ii) The assessee gets his accounts audited and obtains a report of such audit as required under section 44AB in respect of the business.

In the above scenarios, regular ITR-4 should be filed and not SUGAM.

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