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Which ITR Forms to use for FY 2012-13 (AY2013-14) to file Income tax returns in India?

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So we are now in Income Tax return filing month – July. 

Last date to These Income-tax Returns in most cases for AY 2013-2014 (FY 2012-2013) is 31-July-2013.
However, for the Corporate Sector as well as for persons who are having the requirement of tax audit, the last date of filing Income-tax Return happens to be 30th September 2013.

Now, you must be thinking, which Income Tax return (ITR) Form is applicable for you ?

Salaried employees will normally need to file their Income Tax returns in ITR 1 or ITR 2 (depending on the conditions below).

So please read the specific conditions to determine whether you need to file your returns in ITR 1 or ITR 2.

Form Conditions
ITR 1 You can file return in ITR 1

  • if you have Salary income
  • If you have income from ONE house property (excluding cases where loss is brought forward from previous years.)
  • if you have income from other sources (except income from lottery or from horse races)

However, you cannot file return in ITR 1 - 

  • if exempt income (income not chargeable to tax) exceed Rs. 5,000.  (for e.g Dividends, PPF Interest etc.  This condition is important to note
  • if any income from Capital Gains – (for e.g  Sale/ purchase of shares, property etc)
  • if any loss under the head Income from Other Sources,
  • if such person has assets (including financial interest in any entity) located outside India or such person has signing authority in any account located outside India.
  • if claiming any double taxation tax relief under sections 90 or 90 A or 91 of the Income-tax Act, 1961.
ITR 2 If your income doesn’t include Income from Business & profession and you donot meet conditions for ITR 1,then you need to submit return in ITR 2.
ITR 3 For Individuals/HUFs being partners in firms and not carrying out business or profession under any proprietorship
ITR 4 For individuals and HUFs having income from a proprietory business or profession
ITR 4S Sugam – Presumptive Business Income tax ReturnForm No. SUGAM (ITR 4S) is provided for filing Income-tax Return by the persons who are taking advantage of computing their income in terms of section 44AD or section 44AE of the Income-tax Act for computation of their business income based on a percentage of the profit.It may be noted that this return form be used only when the turnover of the business is less than Rs. 1 crore. 

The new amendment to Rule 12 of Income-tax Rules now provides that the provisions relating to filing of Income-tax Return in Form SUGAM (ITR 4S) will not apply

•    to a person who is a resident, other than not ordinary resident in India and has any assets (including financial interest in any entity) located outside India or has a signing authority in any account located outside India

.•    cannot be used by individual claiming Double Taxation Relief.

•    cannot be filed by persons having income not chargeable to tax exceeding Rs. 5,000

and such persons should file return in Form No. 4.

ITR 5 For firms, AOPs and BOIs
ITR 6 For Companies other than companies claiming exemption under section 11
ITR 7 For persons including companies required to furnish return under Section 139(4A) or section 139(4B) or section 139(4C) or section 139(4D)]
   

 

Link to download all ITR Forms & Instructions in pdf (English & Hindi)

http://incometaxindia.gov.in/download_all.asp

Link to download ITR forms in Excel file for online retunr filing

https://incometaxindiaefiling.gov.in/

——————————————————————————————————

SAHAJ ITR – 1

Who can use :   

Individuals having

  • salary income
  • income from house property
  • income from other sources (except income from lottery or from horse races)

Who can’t use ITR 1

  • if any income from Capital Gains
  • if any loss under the head Income from Other Sources,
  • if exempt income (income not chargeable to tax) exceed Rs. 5,000.
  • if such person has assets (including financial interest in any entity) located outside India or such person has signing authority in any account located outside India.
  • If claiming any double taxation tax relief under sections 90 or 90 A or 91 of the Income-tax Act, 1961.

ITR-2 :   For Individuals and HUFs not having Income from Business or Profession

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

SUGAM (ITR-4S)  :   Sugam – Presumptive Business Income tax Return

Form No. SUGAM (ITR 4S) is provided for filing Income-tax Return by the persons who are taking advantage of computing their income in terms of section 44AD or section 44AE of the Income-tax Act for computation of their business income based on a percentage of the profit.

It may be noted that this return form be used only when the turnover of the business is less than Rs. 1 crore.

The new amendment to Rule 12 of Income-tax Rules now provides that the provisions relating to filing of Income-tax Return in Form SUGAM (ITR 4S) will not apply

  • to a person who is a resident, other than not ordinary resident in India and has any assets (including financial interest in any entity) located outside India or has a signing authority in any account located outside India.
  • cannot be used by individual claiming Double Taxation Relief.
  • cannot be filed by persons having income not chargeable to tax exceeding Rs. 5,000

and such persons should file return in Form No. 4.

ITR-4 :   For individuals and HUFs having income from a proprietory business or profession

ITR-5 For firms, AOPs and BOIs

————————————————————————–

 

B.  NO Documents to be submitted with IT returns

Tax payers are not required to enclose any papers or documents with their Income-tax Return.

However, the new amendment provides that where the assessee is required to furnish a report of Audit as per section 115AB or 92E or 115JB of the Income-tax Act, 1961, then such audit report shall be furnished electronically with the Income-tax Return.

 

C. Online e-fling of Income tax returns mandatory

1)  It is now compulsory for persons having income in excess of Rs. 5 lakhs for the Assessment Year 2013-14 to file their Income-tax Return in the Electronic Form.  You can submit the ITR online & print the acknowledgment, sign & send to IT department or Sign online using Digital Signature.

2) All those tax payers who are claiming relief of tax in terms of section 90 or 90A or 91 of the Income-tax Act  (who are taking advantage of Double Taxation Avoidance Agreements) and are filing their Income-tax Return for the AY 2013-14 and subsequent years will now be required to furnish their Income-tax Return electronically

 

D. New “Schedule AL” which is introduced in ITR 3 & ITR 4.

This schedule contains details of Assets & liabilities of an individual or HUF. This schedule is to be filled up when the income of the individual or HUF exceeds Rs. 25 lakhs.

 

E. Important notes for individual salaried taxpayers

  • Need to file ITR online , if income exceeds Rs 5 lakhs
  • ITR 1 can’t be used if the exempt income is more than Rs 5000. For e.g. if you have dividend income of Rs 10000, you cant file return in ITR 1 , you need to file return in ITR 2.

If you have any queries related to this article or any other personal finance query ( Investment, Taxation etc), please ask in our Wealth18.com forum

http://wealth18.com/forum/index.php

About Vivek Jain

Vivek is a Chartered Accountant with 13+ years of Global Experience. He loves to write about Personal Finance, Wealth Management, Taxation etc.

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