Much awaited sigh of relief as borrowing and lending provisions for Private Companies relaxed up to some extent vide notification dated 5th June 2015

INCOME TAX RETURN FORMS NOTIFIED FOR ASSESSMENT YEAR 2013-14

CENTRAL BOARD OF DIRECT TAXES VIDE NOTIFICATION No. 34 /2013/ F.No.142/5/2013-TPL DATED 1ST MAY 2013 HAS NOTIFIED INCOME TAX RETURN FORMS FOR ASSESSMENT YEAR 2013-14

In exercise of the powers conferred by section 295 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following rules further to amend the Income-tax Rules, 1962, namely:-
1. (1) These rules may be called the Income-tax (3rd Amendment) Rules, 2013.
(2) They shall be deemed to have come into force with effect from the 1st day of April, 2013.
2. In the Income-tax Rules, 1962 (hereinafter referred to as the said rules), in rule 12,─
(a) in sub-rule (1),-

(A) for the figures “2012”, the figures “2013” shall be substituted;
(B) in item (a),─

(i) in sub-item (iii), after the words “income from race horses”, the words “and does not have any loss under the head” shall be inserted;
(ii) for the proviso, the following proviso shall be substituted, namely:-
“Provided that the provisions of this clause shall not apply to a person who,-
(I) is a resident, other than not ordinarily resident in India within the meaning of sub-section (6) of section 6 and has,─
(i) assets (including financial interest in any entity) located outside India; or
(ii) signing authority in any account located outside India;
(II) has claimed any relief of tax under sections 90 or 90A or deduction of tax under section 91; or
(III) has income not chargeable to tax, exceeding five thousand rupees.”;
(C) in clause (ca), for the proviso, the following proviso shall be substituted, namely:-
“Provided that the provisions of this clause shall not apply to a person who,-
(I) is a resident, other than not ordinarily resident in India within the meaning of sub-section (6) of section 6 and has,─
(i) assets (including financial interest in any entity) located outside India; or
(ii) signing authority in any account located outside India;
(II) has claimed any relief of tax under sections 90 or 90A or deduction of tax under section 91; or
(III) has income not chargeable to tax, exceeding five thousand rupees.”;
(b) in sub-rule(2), the following proviso shall be inserted, namely:-
“Provided that where an assessee is required to furnish a report of audit under sections 44AB, 92E or 115JB of the Act, he shall furnish the same electronically.”;
(c) in sub-rule (3), in the proviso,-
(A) in clause (a),─

(i) for the words “an individual or a hindu undivided family”, the words “a person, other than a company and a person required to furnish the return in Form ITR-7” shall be substituted;
(ii) for the words “ten lakh rupees” the words “five lakh rupees” shall be substituted;
(iii) for the figures “2012-13”, the figures “2013-14” shall be substituted;

(B) after clause (aaa), the following clause shall be inserted, namely:-
“(aab) a person claiming any relief of tax under section 90 or 90A or deduction of tax under section 91 of the Act, shall furnish the return for assessment year 2013-14 and subsequent assessment years in the manner specified in clause (ii) or clause (iii);”
(C) in clause (b), after the words, brackets and figure “in clause (i)”, the words, brackets and figures “or clause (ii) or clause (iii)” shall be inserted.

(d) in sub-rule 4, after the words, brackets and figures “of sub-rule(3)”, the words and figures “and the report of audit in the manner specified in proviso to sub-rule (2)” shall be inserted.
(e) in sub-rule (5), for the figures “2011”, the figures “2012” shall be substituted.
3. In the said rules, in Appendix-II, for “Forms SAHAJ (ITR-1), ITR-2, ITR-3, SUGAM (ITR-4S), ITR-4 and ITR-V”, the “Forms SAHAJ (ITR-1), ITR-2, ITR-3, SUGAM (ITR-4S), ITR-4 and ITR-V” shall be substituted. 

Share This!



No comments:

Post a Comment