Income Tax department has released the ITR-5 Excel utility for ay 2013-14 ,which can be used to e file income tax return.
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 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.
3. 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. Tax-payers are advised to match the taxes deducted/collected/paid by or on behalf of them with their Tax Credit Statement (Form 26AS). (Please refer to www.incometaxindia.gov.in)
4. 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.
However, a firm whose accounts are liable to audit under section 44AB shall compulsorily furnish the return in the manner mentioned at (ii) above. Where the Return Form is furnished in the manner mentioned at 4(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, Bangaluru–560100 (Karnataka).
The other copy may be retained by the assessee for his record.
From assessment year 2013-14 onwards in case an assessee who is required to furnish a report of audit under sections 10(23C)(iv), 10(23C)(v), 10(23C)(vi), 10(23C)(via), 10A, 12A(1)(b), 44AB, 80-IA, 80-IB, 80-IC, 80-ID, 80JJAA, 80LA, 92E or 115JB he shall file the report electronically. Further, the assessee who is liable to file the above reports electronically shall file the return of income in the manner provided at 4(ii) or 4(iii)
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.
Income-tax Returns due date for assessment year 2013-14 for non audit case are 31st July, 2013. However, for the Corporate Sector as well as for persons who are having the requirement of tax audit the last date of filing Income-tax Return happens to be 30th September 2013.
tax 'N' accounts people
Tarun Kumar Gupta
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