Accounting Training

Blog

Blog Archive


2013

Applicable forms for filing income tax return for AY 2013-14

A.   ITR 1 (Sahaj)

 For Individuals with income from :
  • Salary or pension.
  • Rental Income of one house or loss from one house property.
  • Income from other sources (Other than lottery winning and race horse winning income).
 
Don’t use it if :
  • The exempt income during the year exceeds Rs. 5000/- (Use ITR – 2)
  • In case of capital gain or income from business or profession or agriculture income.
  • If assessee has any asset in foreign country. (Use ITR – 2)
  • If assessee is claiming tax benefit under a foreign treaty i.e. DTAA. (Use ITR-2)
  • If assessee has incurred losses under IFOS. (Use ITR -2)
  • In case of clubbing of income .
  • If assessee has brought forward loss of IFOS or house property (Use ITR – 2)

 

B.   ITR 2

For individuals & HUFs with income from :
  • Salary or pension.
  • Rental Income  from more than one house property or losses from more than one house property.
  • Capital Gain.
  • Income from other sources including lottery winning and race horse winning income.
  • Exempt income or clubbing of income or agriculture income.
Don’t use it if :
  • In case of income from business or profession during the year.

 

C.   ITR 3

For partners with income from :
  • Interest , salary , bonus , commission received from firm.
  • Any income other than income  from sole proprietorship business.

Note :

If NTI of assessee exceeds Rs. 25 Lacs then assessee also requires to give details of his asset & liability .Means assessee requires to do exhaustive work to maintain details of assets and liability in absence of non maintenance of  books of accounts as the partner of the firm doesn’t require to maintain books of accounts  as per Income Tax Act, 1961.


 

D.   ITR 4

For individuals & HUFs with income from business or profession :
  • All details which exist in ITR 1 (Sahaj) , ITR 2 and ITR 3 are also available in ITR 4.Means if individual or HUF has any income from business or profession then he has to file ITR 4 and he can also feed details in ITR 4 which are available in ITR 1 (Sahaj) , ITR 2 and ITR 3.

Note :

 

If NTI of assessee exceeds Rs. 25 Lacs then assessee also requires to give details of his asset & liability.


 

E.   ITR 4S (Sugam)

For individuals & HUFs with income from :
  • Business or profession income computed u/s 44AD or 44AE.
  • Rental Income of one house or loss from one house property.
  • IFOS.
 
Don’t use it if :
  • The exempt income during the year exceeds Rs. 5000/-
  • In case of capital gain or income from  profession mentioned in section 44A(1)  or agriculture income
  • In case of income or loss from speculative business.
  • If assessee has any asset in foreign country.
  • If assessee is claiming tax benefit under a foreign treaty i.e. DTAA.
  • If assessee has incurred losses under IFOS.
  • In case of clubbing of income .
  • If assessee has brought forward loss of IFOS or house property .

Note :

For above cases use ITR 4.


 

F.   ITR 5  applies to FIRM

 

G.   ITR 6  applies to Company assessee

 

H.   ITR 7 applies to Trust

 
Financial Management