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Showing posts with label e-Filing. Show all posts

Last Date for Filing Income Tax Returns is 31-03-2014 : e-file Your Tax Returns

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Last Date for Filing Income Tax Returns is 31-03-2014 : e-file Your Tax Returns
Last date for income tax return filing for 2013-14 is approaching fast. For those who had not filed their income tax returns during the year, 31st March 2014 is the last opportunity to file tax returns online. You can file your tax return for the Asst Year 2013-13 and 2013-14 without any penalty and minimize payment of interest.

 As such , from the current Assessment Year 2013-14, it has  become mandatory to e-file your tax return for income above 5 lacs.

Usually to file tax returns, some people tend to take the help of consultants, tax return prepares(TRP) and practicing CAs but it is worthwhile to know the bit of procedure about filing IT returns electronically.

 The type of return forms which are required to file your income tax return, can be understood from the list as following:

Types of Income Tax Return Forms:


ITR 1: For Individuals having Income from Salary / Pension, Income from One House Property (excluding loss brought forward from previous years) / Income from Other Sources (Excluding Winning from Lottery and Income from Race Horses)]

This form CANNOT BE USED by an individual if income for FY 2012-13 includes:
  • Income from more than one house property or
  • Income from Winnings from Lottery / Race Horses or
  • Income from Capital Gains, which are not exempt from tax or
  • Income from Agriculture in excess of Rs. 5000/- or
  • Exempt Income (includes exempt amount of Conveyance Allowance, HRA, Other Exempt Allowances, Maturity amount of Insurance etc. ) in excess of Rs. 5000/- or
  • Loss under Head "income from Other Sources" or
  • Person claiming benefit of Foreign Tax paid u/s 90, 90A or 91 or
  • Income from Business or Profession or
  • A resident having any asset located outside India or signing authority in any account located outside India.

ITR 2: This form is applicable for Individuals and HUFs having Income from:
  • Income from Salary/Pension;
  • Income from House Property;
  • Income from Capital Gains;
  • Income from Other Sources

This form should not be used by an individual or HUF whose income includes income from Business or Profession.

ITR 3: For Individuals/HUFs being partners in firms and not carrying out business or profession under any proprietorship.

ITR 4: This form is applicable for an individual who has income from business/profession.

SUGAM -ITR 4S: This return form is to be used by an Individual/HUF having income from:
  • Business income where such income is computed in accordance with special provisions referred to in Section 44AD and 44AE.
  • Income from one house property (excluding loss brought forward from previous years)
  • Income from Other Sources (Excluding Winning from Lottery and Income from Race Horses)

ITR 5: For Firms, Co-operative Banks, Co-operative Societies, Limited Liability Partnerships (LLP), Associaltion of Persons (AOP), Body of Individuals (BOI) and Artificial Judicial Persons.

ITR 6: This form is applicable for a Company.

ITR 7: This form  is applicable for a Trust.

ITR 8: This form is used for filing only Fringe Benefit Tax Return.

ITR V: Acknowledgement Form for all ITR Forms except ITR 7.


Avail the last minute chance for filling income  tax return online to avoid imposition of penalty and interest.You can also check the status of  tax return subsequently and for that you can login to Status

Due Date of filing of Return for Asstt.Year 2013-14 Extended upto 5th August, 2013

The Central Board of Direct Tax (CBDT), has extended the due-date' for filing Returns of Income from 31st July, 2013 to 5th August, 2013 for the Asstt. Year 2013-14.

This is the unexpected relief of 5 days to the assessee / taxpayers as there is a huge rush for filing income tax return at Income tax department as it is mandatory to e-file your tax returns if your income is more than 5 lakh..

There is an unprecedented surge in number of returns being e-filed during this year. Approximately more than a crore returns have been filed/e-filed upto 31st July, 2013 which is almost 50% higher than the returns e-filed during the corresponding period of the last fiscal year. If the extension was not made, it would have been difficult for the tax payers to file income tax return who due to laziness or other reasons could not do so.

However, no reason is given for extension but it has provided an opportunity to the tax payers to file their return if not already filed..

Annual Tax Credit Statements (Form 26AS)


TRACES is a web-based application of the Income Tax Department that provides an interface to all stakeholders associated with TDS administration. It enables viewing of challan status, downloading of NSDL Conso File, Justification Report and Form 16 / 16A as well as viewing of annual tax credit statements (Form 26AS).
Deductors / Collectors and Tax Payers will have to register on TRACES to create their account and view functionalities enabled for each user. Deductors / collectors will be

Taxable Income Over 5 Lakhs e-Filing of Return is mandatory for A.Y. 2013-14

E-filing was mandatory for those whose Taxable Income was over Rs. 10 Lakhs. But from the Assessment Year 2013-14 it is mandatory to file electronic income tax return if Taxable Income exceeds Rs. 5 Lakhs. In this regard the Income Tax department has already issued Notification No. 34/2013 dated 01-05-2013.

As per Finance Ministry, from A.Y. 2013-14 e-filing of Income Tax Return is mandatory to taxpayer whose annual taxable income above Rs. 500000/-. Now in current year i.e. A.Y. 2012-13 e-filing is mandatory to those taxpayee whose income more than 10 lakhs. Besides, the Finance Ministry is also making provisions for e-filing of Wealth Tax returns.

The Government had last year introduced the system of e-filing of Income tax returns for Assessees with annual income of Rs 10 lakh and above. Section 14 of the Wealth-tax Act provides for furnishing of return of net wealth as on the valuation date in the prescribed form. At present, certain documents and reports are required to be furnished along with the return of net wealth under the provisions of Wealth-tax Act read with the provisions of Wealth-tax Rules. 

Sections 139C and 139D of the I-T Act contain provisions for facilitating filing of return of income in electronic form by certain class of income-tax Assessees. “In order to facilitate electronic filing of annexure- less return of net wealth, it is proposed to insert new sections 14A and 14B in the Wealth-tax Act on similar lines… The amendments will take effect from June 1, 2013,” said the Memorandum to the Finance Bill 2013.

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