Significant Changes in Income tax Returns for FY 2013-14

Significant Changes in Income tax Returns for FY 2013-14

Time to Time income tax departments make various changes in income tax returns according to requirement of that time .Out of few interesting of them is given here:-

1. Refund through cheques has been stopped and only e-refund allowed.

Controversy: There are two option available for refund to assesses i.e.  e-refund as well as cheques. But where the refund exceeds the limit fixed by the CBDT(internally I think it was 25000 for FY1213) even though we opted for e-refund the CPC will send only through Physical Cheque/DD

2. Claim of TDS/TCS credit of earlier years – Hence if we don’t have sufficient income we can carried forward the credit benefit

Controversy: When the CPC processing the ITR it will not take credit when it is not available in such related AY of 26AS. Then is it going to be cause for intimation?

3. CIN/LLPIN in ITR has to be filled by Company/LLP

4. Buy back of shares must be reported in the ITR by CHC

5. PAN of Debtors has to be provided if the assessee is claimed Bad debts

6. In Capital gain Computation

– Details U/s. 50 C is required to be reported

– Sale of securities by FII’s

7. Gains U/s. 43CA under PGBP

8. Special income tax Return has to be shown seperately

9. Payment details to Non-residents required to be reported in ITR

10. Changes in ITR5/7

– ITR 5 includes Private discretionary trust

– In ITR 7 follwoing details has to be reported:

a. Registration No. & Registration Authority

b. Accumulation of Income details

c. Voluntary contribution like whether from foreign or anonymous

Controversy: If it is mandatory then what can be the situation for unregistered trust?

11. Additional details U/s. 36/37

Controversy: One of the details is when there is expenditure which is not wholly related to business has to be reported separately. How an assessee will Identify and report this  practically?

 12. Transactions with Cyprus has to be reported if any

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