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June 18, 2013

Changes in Income Tax Forms AY 13-14

The income-tax department has made it compulsory for individual taxpayers whose income exceeds R5 lakh to file returns in the electronic form. Electronic filing of ITR is also mandated where relief is claimed under tax treaty/double-taxation.

 Also, ITR1 no longer applicable if an individual has any loss under the head, ‘other sources’, or has exempted income above R5,000, or has assets overseas, or has signing authority in any account overseas, or claims any double-taxation relief.

Under the New Schedule AL introduced in ITR3 and ITR4, the assessee has to furnish details of all immovable assets, cash, bank deposits, investment in shares, jewellery, vehicles, etc, and corresponding liabilities where income exceeds R25 lakh.

ITR-4S is no longer applicable to persons having assets overseas or a signing authority in any overseas account, or claiming double-taxation relief, or having exempted income above R5,000. In all these exceptions, ITR4 would apply. 

Exemption from ITR filing to salaried individuals whose total income does not surpass R5 lakh continues with prescribed conditions.

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