Tuesday, May 28, 2013


on Tuesday, May 28, 2013

E Filing of ITR-2 has been started at www.incometaxefiling.gov.in. This is important because scope of ITR-1 Sahaj has beempen reduced this year.Person having exempted income of more than 5000/- can not file income tax return on ITR-1 (sahaj) , so those person have to file return on ITR-2 .

(read complete details ,who can fill ITR-1 and who can not fill)

Further from this year all person having income more than RS 5,00,000/- have to file return through e filing mode only. 
Income Tax return filing due due date for assessment year 2013-14 for non audit cases is 31.07.2013

Read Full details about due dates to file Income Tax return for Ay 2013-14

The Income-tax (3rd Amendment) Rules, 2013 which have been issued vide Notification No. 34/2013 dated 1.5.2013 provides for amendments in Rule 12 of Income-tax Rules, 1962 and also through these rules certain Income-tax Return Forms have been substituted. 

The substituted Return Forms are SAHAJ ITR 1, ITR 2, ITR3, SUGAM ITR 4S, ITR 4 and ITR V. (download)

1. Assessment Year for which this Return Form is applicable
This Return Form is applicable for assessment year 2013-2014 only, i.e., it relates to income earned in Financial Year 2012-13.

2. 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 2013-14 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.

3. 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.

4. Annexure-less Return Form

No document (including TDS certificate) should be attached to this Return Form. All such documents enclosed with this Return Form will be detached and returned to the person filing the return.

5. Manner of filing this Return Form
This Return Form can be filed with the Income Tax Department in any of the following ways, -
(i) by furnishing the return in a paper form;
(ii) by furnishing the return electronically under digital signature;
(iii) by transmitting the data in the return electronically and thereafter submitting the verification of the return in
Return Form ITR-V;
(iv) by furnishing a Bar-coded return.

A resident assessee having any assets (including financial interest in any entity) located outside India or signing authority in any account located outside India, shallfill out schedule FA and furnish the return in the manner provided at either 5(ii) or 5(iii) .

From the assessment year 2013-14 onwards all the assessees having total income more than 5 lakh rupees are required to furnish the return in the manner provided at 5(ii) or 5(iii). Also an assessee to whom Schedule FSI and Schedule TR apply has to furnish the return in the manner provided at 5(ii) or 5 (iii).

Where the Return Form is furnished in the manner mentioned at 5(iii), the assessee should print out two copies of Form ITR-V. One copy of ITR-V, duly signed by the assessee, has to be sent by ordinary post to Post Bag No. 1, Electronic City Office, Bengaluru–560100 (Karnataka). The other copy may be retained by the assessee for his record.

6. Filling out the acknowledgement
Only one copy of this Return Form is required to be filed. Where the Return Form is furnished in the manner mentioned at 5(i) or at 5(iv), the acknowledgement should be duly filled in ITR-V.

7 Obligation to file return
Every individual whose total income before allowing deductions under Chapter VI-A of the Income-tax Act, exceeds the maximum amount which is not chargeable to income tax is obligated to furnish his return of income.The maximum amount not chargeable to income tax in case of different categories of individuals is as follows:-

i. In case of individuals below the age of 60 years= 2,00,000
ii. In case of individuals who are of the age of 60 years or more but less than eighty years at any time during the financial year 2012-13. =2,50,000
iii. In case of individuals who are of the age of 80 years or more at any time during the financial year 2012-13. 5,00,000


The Scheme of this form follows the scheme of the law as outlined above in its basic form. The Form has been divided into two parts. It also has several work tables (referred to as “schedules”). The parts and the schedules are described below:-
(i) The first part, i.e., Part-A is spread over half of the first page of the return. It mainly seeks general
information requiring identificatory and other data.
(ii) The second part, i.e, Part-B on page 1 and page 2 is regarding an outline of the total income and tax
computation in respect of income chargeable to tax.
(iii) After Part-B, there is a space for a statutory verification which is mandatory in case the return is
furnished in paper form.
(iv) On page 3, there are details to be filled if the return has been prepared by a Tax Return Preparer.
(v) On pages 3 to 10, there are 19 Schedules details of which are as under-
(a) Schedule-S: Computation of income under the head Salaries.
(b) Schedule-HP: Computation of income under the head Income from House Property
(c) Schedule-CG:. Computation of income under the head Capital gains.
(d) Schedule-OS: Computation of income under the head Income from other sources.
(e) Schedule-CYLA: Statement of income after set off of current year’s losses
(f) Schedule-BFLA: Statement of income after set off of unabsorbed loss brought forward from earlier years.
(g) Schedule- CFL: Statement of losses to be carried forward to future years.
(h) Schedule-VIA: Statement of deductions (from total income) under Chapter VIA.
(i) Schedule 80G: Statement of donations entitled for deduction under section 80G.
(j) Schedule SPI: Statement of income arising to spouse/ minor child/ son’s wife or any other person or association of persons to be included in the income of assessee in Schedules-HP,CG and OS.
(k) Schedule-SI: Statement of income which is chargeable to tax at special rates
(l) Schedule-EI: Statement of Income not included in total income (exempt incomes)
(m) Schedule-IT: Statement of payment of advance-tax and tax on self-assessment.
(n) Schedule-TDS1: Statement of tax deducted at source on salary.
(o) Schedule-TDS2: Statement of tax deducted at source on income other than salary.
(p) Schedule-FSI: Statement of income accruing or arising outside India.
(q) Schedule –TR: Statement of tax relief claimed under section 90 or section 90A or section 91.
(r) Schedule-FA: Statement of Foreign Assets.
(s) Schedule-5A: Statement of apportionment of income between spouses governed by Portuguese Civil Code.

(a) In case the return is to be furnished in a paper format or electronically under digital signature or in a bar coded return format, please fill up the required information in the Verification. Strike out whatever is not applicable.

Please ensure that the verification has been signed before furnishing the return. Write the designation of the
person signing the return.

(b) In case the return is to be furnished electronically in the manner mentioned in instruction no. 5(iii), please fill verification form (Form ITR-V)

(c) Please note that any person making a false statement in the return or the accompanying schedules shall be liable to be prosecuted under section 277 of the Income-tax Act, 1961 and on conviction be punishable under that section with rigorous imprisonment and with fine.

Download ITR-2 E fling excel utility for assessment year 2013-14.


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