Recently CBDT has amended some Provisions of Income tax Rules Related to Filing of Income Tax Return. Income Tax Act, 1961 (IT Act) has issued Notification No. 34/2013 (F.No.142/5/2013-TPL). The notification has made significant amendments to Rule 12 of the Income Tax Rules, 1962 (IT Rules) pertaining to filing of income tax returns under Section 139, 148 and 153 of the IT Act. The notification is applicable from Assessment Year (AY) 2013 -2014 i.e. financial year 2012 -13.
Some of the significant amendments to the Income Tax Returns (ITR) are summarised as follows:
A. Form SAHAJ (ITR 1)1 and Form SUGAM (ITR 4S)2
• Tax payers are mandatorily required to furnish their bank details irrespective of any refund arising to them or not.
• Earlier details of MICR code were required to be furnished. Now, instead of MICR code, Indian Financial System Code (IFSC) is required to be quoted by the tax payer. IFSC code is an eleven digit code assigned by Reserve Bank of India to identify every banks branch uniquely, that are participating in National Electronic Fund Transfer system in India.
• The said forms shall not be applicable to tax payers in the following circumstances:
If tax payers have losses under the head income from other sources then such tax payers cannot utilize Form SAHAJ to file their income tax returns.
If a tax payer being is a ‘resident’ but ‘not ordinarily resident’ and has assets located outside India or possesses authority to sign in any account located outside India.
Tax payers claiming benefits under Section 90 and 90A of the IT Act.
If tax payers have income not chargeable to tax exceeding INR 5000
DOWNLOAD INCOME TAX FORM APPLICABLE TO AY 2013-14 (FY 2012-13)
Changes Related to Forms:
Some of the significant amendments to the Income Tax Returns (ITR) are summarised as follows:
A. Form SAHAJ (ITR 1)1 and Form SUGAM (ITR 4S)2
• Tax payers are mandatorily required to furnish their bank details irrespective of any refund arising to them or not.
• Earlier details of MICR code were required to be furnished. Now, instead of MICR code, Indian Financial System Code (IFSC) is required to be quoted by the tax payer. IFSC code is an eleven digit code assigned by Reserve Bank of India to identify every banks branch uniquely, that are participating in National Electronic Fund Transfer system in India.
• The said forms shall not be applicable to tax payers in the following circumstances:
If tax payers have losses under the head income from other sources then such tax payers cannot utilize Form SAHAJ to file their income tax returns.
If a tax payer being is a ‘resident’ but ‘not ordinarily resident’ and has assets located outside India or possesses authority to sign in any account located outside India.
Tax payers claiming benefits under Section 90 and 90A of the IT Act.
If tax payers have income not chargeable to tax exceeding INR 5000
DOWNLOAD INCOME TAX FORM APPLICABLE TO AY 2013-14 (FY 2012-13)
Changes Related to Forms:
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