02 Jul, 2014 2:37p.m.

Yet to file returns? Know the key changes in this year's IT return forms

  1. Unclaimed Credit of Taxes Deducted at Source (TDS) / Taxes Collected at Source (TCS) Brought Forward and Carried Forward: Taxpayers are required to disclose information in respect of TDS / TCS in specified schedules in the tax returns. Earlier, there was no mechanism to carry forward the TDS / TCS that was not pertaining to the given tax year. However, the new forms provide for details to be entered in respect of unclaimed TDS / TCS of the earlier tax year(s) and unclaimed TDS/TCS of the present tax year to be carried forward to the subsequent year.

  2. Direct Credit of Tax Refund : Earlier, taxpayers were given an option to claim refund through cheque or credit into bank account. With an intention to expedite and align the refund process with process applicable to the corporate taxpayers, the new forms have done away with such an option of claiming refund through cheque. Accordingly, going forward, all taxpayers will now receive the legitimate tax refunds directly into their bank account.

  3. Computation of Income from Capital Gains : The forms provide an upgraded new schedule for computing gains arising from transfer of capital assets in each of the prescribed categories. Additionally, information in respect of intra head adjustments of capital loss also needs to be disclosed in the newly prescribed form.

  4. Additional Debtor wise Information for Bad Debts : Non-corporate taxpayers claiming deduction in respect of bad debts are now required to disclose in their tax return the PAN number of every debtor whose quantum of bad debt exceeds INR 0.1 million. Earlier, such disclosure requirement was applicable to corporate taxpayers, firms, association of persons, body of individuals, co-operative societies and local authorities.

  5. Intra Head Adjustments : A taxpayer is entitled to set off loss from one source with the income from another source falling within the same head. In the newly prescribed forms, information in respect of intra head loss adjustment is required to be furnished.

  6. 6. Date of Furnishing Report : Disclosing the information in respect of the date of furnishing the following.

    1. Form 3CEB (in case of taxpayers having international transaction with associated enterprises) and / or 2. Form 20B / 29C (in case of taxpayer paying tax on books profits or adjusted total income) 
    2. has now being extended to non-corporate taxpayers as well. Thus, all taxpayers will need to provide the date of furnishing of aforesaid forms in the newly prescribed tax return forms.

The income tax department have made the ITR tools as standalone application instead of the excel sheets. Effort has been made to make it user friendly, simpler and faster preparation/submission of tax returns. It is recommended to stay connected to internet to experience the refreshingly new utility. Please check for new updates before starting to enter the data. This utility can run on
operating system like Windows 7.0 and above and latest Linux, where Java Runtime Environment Version 7 Update 6 (jre 1.7 is also known as jre version 7) or above isinstalled.

Latest in Important News
Latest in Other News Sections
RBI cuts repo rate by 25bps. EMIs likely to get cheaper 🕑 07 Feb,19 1:02p.m.
Budget 2019 expectations : IT exemption limit likely to be hiked to Rs 5 lakh 🕑 17 Jan,19 9:29p.m.
Researchers develop plants that can remove cancer-causing pollutants 🕑 27 Dec,18 12:59p.m.
6 months of aerobic exercise reverses brain ageing by 9 years 🕑 24 Dec,18 2:31p.m.
All you need to know about NPS changed withdrawal norms 🕑 24 Dec,18 11:47a.m.
Scientists succeed in destroying HIV-infected cells 🕑 22 Dec,18 10:22p.m.
Johnson and Johnson talcum powder samples seized across country for testing 🕑 19 Dec,18 1:26p.m.
Govt. for levy on petrol and diesel cars to push to push e-vehicles 🕑 19 Dec,18 1:20p.m.
Tax changes in 2018 that will affect you 🕑 19 Dec,18 1:09p.m.
Google maps now shows auto-rickshaw┬ároutes with estimated fares 🕑 19 Dec,18 11:53a.m.