Key Changes in Income Tax Return Form for Asst. Year 2014-15 i.e. FY 2013-14
Every year Income Tax Forms (commonly known as ITR) are issued afresh valid for a particular assessment year. A perusal of the ITRs of this year also pointed out significant number of changes or additional fields have been inserted in the notified tax return –ITR-1 , ITR-2, ITR-3 , ITR-4 , ITR 5 , ITR6, & ITR-7. There are 11 interesting updates in the ITR of FY 13- 14 which are:
1. All the Refunds will be E-Refund. No refund will be granted by Cheque or DD.
2. TDS/TCS credit of Earlier years can be claimed thus in case of insufficient income we can carry forward the credit benefit.
3. Every Company or Limited Liability Partnership is require to fill its Company Identification Number / Limited Liability Partnership Number (CIN/LLPIN ) in ITR.
4. CHC is require to report Buy back of shares in the ITR.
5. In case of Claiming Bad Debts by assessee, PAN of Debtors has to be provided.
6. Capital gain Computation needs to be shown with following details:
– Details U/s. 50C
– Sale of securities by FII’s
7. Gains under section 43CA to be reported under Profits and Gains from Business and Profession.
8. All Payment details to Non-residents require to be reported in ITR
9. Changes in ITR 5 and ITR 7
– ITR 5 includes Private discretionary trust
– In ITR 7 following details has to be reported:
a. Registration No. & Registration Authority
b. Accumulation of Income details
c. Voluntary contribution like whether from foreign or anonymous
10. Additional details under section 36 and section 37
11. Transactions with Cyprus have to be reported if any.