Filing of Tax Returns - how to select the correct ITR Form for A.Y. 2013-14
In the below article we will discuss the Applicability of ITR 1 ,2,3, 4, 4S, 5, 6 and 7 for Assessment year 2013-14 i.e. FY 2012-13. In other words which ITR is applicable to whom for A.Y. 2013-14.
APPLICABILITY OF ITR-1 FORASSESSMENT YEAR 2013-14 /FINANCIAL YEAR 2012-13
1. Who can use this Return Form
This Return Form is to be used by an individual whose total income for the assessment year 2013-14 includes:‑
(a) Income from Salary/ Pension; or
(b) Income from One House Property (excluding cases where loss is brought forward from previous years); or
(c) Income from Other Sources (excluding Winning from Lottery and Income from Race Horses)
NOTE Further, in a case where the income of another person like spouse, minor child, etc. is to be clubbed with the income of the assessee, this Return Form can be used only if the income being clubbed falls into the above income categories.
2. Who cannot use this Return Form
This Return Form should not be used by an individual whose total income for the assessment year 2013-14 includes:‑
(a) Income from more than one house property; or
(b) Income from Winnings from lottery or income from Race horses; or
(c) Income under the head "Capital Gains" E.g., short-term capital gains or long-term capital gains from sale of house, plot, shares etc.; or
(d) Income from agriculture/exempt income in excess of Rs. 5,000; or
(e) Income from Business or Profession; or
(f) Loss under the head 'Income from other sources'; or
(g) Person claiming relief of foreign tax paid under section 90, 90A or 91; or
(h) Any resident having any asset (including financial interest in any entity) located outside India or signing authority in any account located outside India.
APPLICABILITY OF ITR-2 FOR ASSESSMENT YEAR 2013-14 / FINANCIAL YEAR 2012-13
1. Who can use this Return Form?
This Return Form is to be used by an individual or a Hindu Undivided Family whose total income for the assessment year 201 3-14 includes:-
(a) Income from Salary / Pension; or
(b) Income from House Property; or
(c) Income from Capital Gains; or
(d) Income from Other Sources (including Winning from Lottery and Income from Race Horses). Further, in a case where the income of another person like spouse, minor child, etc. is to be clubbed with the income of the assessee, this Return Form can be used where such income falls in any of the above categories.
2. Who cannot use this Return Form?
This Return Form should not be used by an individual whose total income for the assessment year 2013-14 includes Income from Business or Profession.
APPLICABILITY OF ITR-3 FOR ASSESSMENT YEAR 2013-14 / FINANCIAL YEAR 2012-13
1. Who can use this Return Form?
This Return Form is to be used by an individual or an Hindu Undivided Family who is a partner in a firm and where income chargeable to income-tax under the head "Profits or gains of business or profession" does not include any income except the income by way of any interest, salary, bonus, commission or remuneration, by whatever name called, due to, or received by him from such firm. In case a partner in the firm does not have any income from the firm by way of interest, salary, etc. and has only exempt income by way of share in the profit of the firm, he shall use this form only and not Form ITR-2.
2. Who cannot use this Return Form?
This Return Form should not be used by an individual whose total income for the assessment year 2013-14 includes Income from Business or Profession under any proprietorship.
APPLICABILITY OF ITR- 4 FOR ASSESSMENT YEAR 2013-14 /FINANCIAL YEAR 2012-13
Who can use this Return Form?
This Return Form is to be used by an individual or a Hindu Undivided Family who is carrying out a proprietary business or profession.
APPLICABILITY OF SUGAM (ITR-4S) FOR ASSESSMENT YEAR 2013-14 /FINANCIAL YEAR2012-13
1. Who can use this Return Form
This Return Form is to be used by an individual / HUF whose total income for the assessment year 2013-14 includes:‑
(a) Business income where such income is computed in accordance with special provisions referred to in section 44AD and 44AE of the Act for computation of business income; or
(b) Income from Salary/ Pension; or
(c) Income from One House Property (excluding cases where loss is brought forward from previous years); or
(d) Income from Other Sources (Excluding winning from Lottery and Income from Race Horses).
Note: The income computed shall be presumed to have been computed after giving full effect to every loss, allowance, depreciation or deduction under the Income-tax Act.
Note: Further, in a case where the income of another person like spouse, minor child, etc. is to be clubbed with the income of the assessee, this Return Form can be used only if the income being clubbed falls into the above income categories.
2. Who cannot use this Return Form
SUGAM cannot be used to file the following incomes
(a) Income from more than one house property; or
(b) Income from winnings from lottery or income from Race horses; or
(c) Income under the head "Capital Gains", e.g. Short-term capital gains or long-term capital gains from sale of house, plot, shares etc; or
(d) Income from agriculture/exempt income in excess of Rs. 5,000; or
(e) Income from Speculative Business and other special incomes; or
(f) Income from a profession as referred to in sub-section (1) of section 44AA or income from anagency business or income in the nature of commission for brokerage; or
(g) Person claiming relief of foreign tax paid under section 90,90A or 91; or
(h) Any resident having any asset (including financial interest in any entity) located outside India or signing authority in any account located outside India.
3. SUGAM form is not mandatory
SUGAM Business Form shall not apply at the option of the assessee, if -
(1) the assessee keeps and maintains all the books of account and other documents referred to in section 44AA in respect of the business.
(ii) the assessee gets his accounts audited and obtains a report of such audit as required under section 44AB in respect of the business.
In the above scenarios, Regular ITR-4 should be filed and not SUGAM.
APPLICABILITY OF ITR- 5 FOR ASSESSMENT YEAR 2013-14 /FINANCIAL YEAR 2012-13
Who can use this Return Form?
This Form can be used a person being a firm, LLPs, AOP, BOI, artificial juridical person referred to in section 2(31 )(vii), cooperative society and local authority. However, a person who is required to file the return of income under section 139(4A) or 139(4B) or 139(4C) or 139(4D) shall not use this form.
APPLICABILITY OF ITR- 6 FOR ASSESSMENT YEAR 2013-14 /FINANCIAL YEAR 2012-13
Who can use this Return Form?
This Form can be used by a company, other than a company claiming exemption under section 11.
APPLICABILITY OF ITR- 7 FOR ASSESSMENT YEAR 2013-14 /FINANCIAL YEAR 2012-13
Who can use this Return Form?
This Form can be used by persons including companies who are required to furnish return under section 139(4A) or section 139(4B) or section 139(4C) or section 139(4D).
Note: For more details and clarifications please contact your tax consultant. Errors and Omissions are expected
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