• A quick review of important Taxes & Laws updates reported on Taxmann.com
Analysis of New ITR Forms notified for the Assessment Year 2020-21.
Usually, the Income-tax Department notifies the ITR forms in the first week of April of the relevant assessment year. However, this year, due to the exceptional circumstances, the Dept. has notified all ITR forms in last week of May. For the assessment year 2020-21, the Dept. has notified the ITR forms twice. In
the month of January 2020, the Dept. notified two ITR forms (ITR-1 and ITR-4). Now, in the month of May 2020, all ITR Forms (ITR-1 to ITR-7) have been notified which eventually replace the two previously notified forms. When the ITR Forms (ITR 1 and ITR 4) were notified in January 2020, Rule 12 was amended to provide that ITR-1 cannot be used by a person falling under two categories, namely, First, who owns a house property in joint-ownership and second, who has entered into specified transactions mentioned in the seventh proviso to section 139(1), that is, payment of electricity bill in excess of Rs. 1 lakh, a deposit of more than Rs. 1 crore in one or more current accounts, etc. However, a person falling under the second category is allowed to furnish a return in ITR-4.
Key Changes in New Income Tax Return Forms applicable for A.Y. 2015-16;
Comparison chart of Eligibility of ITR Forms, Important changes like Bank Accounts, Aadhar Number, Foreign Income and Asset Details etc.
• A quick review of important Taxes & Laws updates reported on Taxmann.com
Analysis of New ITR Forms notified for the Assessment Year 2020-21.
Usually, the Income-tax Department notifies the ITR forms in the first week of April of the relevant assessment year. However, this year, due to the exceptional circumstances, the Dept. has notified all ITR forms in last week of May. For the assessment year 2020-21, the Dept. has notified the ITR forms twice. In
the month of January 2020, the Dept. notified two ITR forms (ITR-1 and ITR-4). Now, in the month of May 2020, all ITR Forms (ITR-1 to ITR-7) have been notified which eventually replace the two previously notified forms. When the ITR Forms (ITR 1 and ITR 4) were notified in January 2020, Rule 12 was amended to provide that ITR-1 cannot be used by a person falling under two categories, namely, First, who owns a house property in joint-ownership and second, who has entered into specified transactions mentioned in the seventh proviso to section 139(1), that is, payment of electricity bill in excess of Rs. 1 lakh, a deposit of more than Rs. 1 crore in one or more current accounts, etc. However, a person falling under the second category is allowed to furnish a return in ITR-4.
Key Changes in New Income Tax Return Forms applicable for A.Y. 2015-16;
Comparison chart of Eligibility of ITR Forms, Important changes like Bank Accounts, Aadhar Number, Foreign Income and Asset Details etc.
This presentation takes one through the basic e-filing procedures under the Income Tax Rules prevailing in India. It explains the concepts in a very simplified manner.
Introduction:
Section 11 deals with Income from property held for “Charitable or Religious purposes.”
The income shall be subjected to the provisions of
Section 60 - Transfer of Income where there is no transfer of assets
Section 61 - Revocable Transfer of Assets
Section 62 - Transfer irrevocable for a specified period
This presentation helps one to learn the process of e filing of Income Tax return in India. This learning can be utilise as profession as tax consultant to students of commerce field.
Elzaki transform homotopy perturbation method for solving porous medium equat...eSAT Journals
Abstract In this paper, the ELzaki transform homotopy perturbation method (ETHPM) has been successfully applied to obtain the approximate analytical solution of the nonlinear homogeneous and non-homogeneous gas dynamics equations. The proposed method is an elegant combination of the new integral transform “ELzaki Transform” and the homotopy perturbation method. The method is really capable of reducing the size of the computational work besides being effective and convenient for solving nonlinear equations. The proposed iterative scheme finds the solution without any discretization, linearization or restrictive assumptions. A clear advantage of this technique over the decomposition method is that no calculation of Adomian’s polynomials is needed. Keywords: ELzaki transform, Homotopy perturbation method, non linear partial differential equation, and nonlinear gas dynamics equation
This presentation takes one through the basic e-filing procedures under the Income Tax Rules prevailing in India. It explains the concepts in a very simplified manner.
Introduction:
Section 11 deals with Income from property held for “Charitable or Religious purposes.”
The income shall be subjected to the provisions of
Section 60 - Transfer of Income where there is no transfer of assets
Section 61 - Revocable Transfer of Assets
Section 62 - Transfer irrevocable for a specified period
This presentation helps one to learn the process of e filing of Income Tax return in India. This learning can be utilise as profession as tax consultant to students of commerce field.
Elzaki transform homotopy perturbation method for solving porous medium equat...eSAT Journals
Abstract In this paper, the ELzaki transform homotopy perturbation method (ETHPM) has been successfully applied to obtain the approximate analytical solution of the nonlinear homogeneous and non-homogeneous gas dynamics equations. The proposed method is an elegant combination of the new integral transform “ELzaki Transform” and the homotopy perturbation method. The method is really capable of reducing the size of the computational work besides being effective and convenient for solving nonlinear equations. The proposed iterative scheme finds the solution without any discretization, linearization or restrictive assumptions. A clear advantage of this technique over the decomposition method is that no calculation of Adomian’s polynomials is needed. Keywords: ELzaki transform, Homotopy perturbation method, non linear partial differential equation, and nonlinear gas dynamics equation
Is household forest clearing affected by REDD+?CIFOR-ICRAF
In this presentation, the presenter assesses whether REDD+ interventions have had an impact on forest clearing by rural household, and the local contexts that have influenced any change in behavior. Although clearing by smallholders is increasingly dominated by large scale commercial actors, it still plays a non-negligible role in global greenhouse gas emissions. Reducing forest clearing by households was the main rationale for sub-national initiatives to reduce emissions from forests and forest degradation (REDD+). However, REDD+ interventions to reduce local forest conversion and use could negatively affect the livelihoods among communities.
A systematic approach towards restoration of heritage buildings a case studyeSAT Journals
Abstract Heritage structures perform vital role in nation’s history, culture and signify the richness of it. To augment life and enhance strength, their restoration is very important for the future generations to have knowledge about how mankind lived in past ages. Restoration involves investigating, diagnosing and correcting deficiencies and deterioration of any structure. Identification of common defects and problems faced in old structures and devising a systematic approach towards handling these issues is civil engineer’s obligation. A case study throws light on the various problems encountered and the methods employed to tackle them. This paper focuses on such problems and methodology to handle these problems while respecting structure’s cultural integrity with the help of a case study. It also seeks to highlight the need for a greater awareness and the need to take precautionary measures of the immediate effects, and of the long-term management issues of heritage structures. Index Terms: Heritage structures, defects, evaluation, systematic approach etc.
V design and implementation of network security using genetic algorithmeSAT Journals
Abstract Over the last few years, Secured transmission of data has been a major issue in data communication. This project mainly concerns about the security of confidential information and data transmission using public key cryptography with Genetic Algorithm in order to provide confidentiality, authentication, integrity and non-repudiation of the messages. First, an algorithm is developed and implemented to generate a key pair (Private and public Key).A plain text is encrypted using the Public Key of receiver to produce an intermediate cipher. The intermediate cipher is again encrypted using genetic algorithm to produce final cipher. The final cipher first decrypted to produce the intermediate cipher which in turn decrypted to get the plain text using the Private key of the receiver or vice versa. Index Terms: Network Security, Genetic Algorithm
사물인터넷(IoT) 제품·서비스의 개발자를 위한 안내지침인 ‘IoT 공통 보안가이드’가 나왔다. 안전성이 검증된 보안기술을 활용하고, 보안취약점이 발견되면 사용자에게 알려야 한다는 등의 내용이 담겼다.
미래창조과학부는 27일 서울 중구 프레스센터에서 열린 ’2016년 사물인터넷(IoT) 보안 얼라이언스 제3차 정기회의’에서 7개 대원칙과 15개 항목으로 구성된 보안가이드의 세부내용을 발표했다.
지난해 6월 나온 ‘IoT 공통보안 7대 원칙’을 구체화한 것으로, IoT 기기의 개발부터 폐기까지 전 주기에 걸친 기술적 권고사항을 포함했다.
미래부는 “보안가이드가 IoT 제품·서비스에 대한 종합적인 보안 체크리스트 기능을 수행함으로써 IoT 산업, 특히 인력·기술이 취약한 중소기업의 경쟁력 강화에 도움이 될 것”이라고 설명했다.
◇ IoT 공통보안 7대 원칙과 15대 보안가이드
보안원칙 1 : 정보보호·프라이버시 강화를 고려한 IoT 제품·서비스 설계
① IoT 장치의 특성을 고려하여 보안기능의 경량화 구현
② IoT 서비스 운영환경에 적합한 접근권한 관리 및 인증, 종단 간 통신보안, 데이터 암호화 등의 방안 제공
③ 소프트웨어 보안기술과 하드웨어 보안기술의 적용 검토 및 안전성이 검증된 보안기술 활용
④ IoT 장치 및 서비스에서 수집하는 민감 정보(개인정보 등) 보호를 위해 암호화, 비식별화, 접근관리 등의 방안 제공
⑤ IoT 서비스 제공자는 수집하는 민감 정보의 이용목적 및 기간 등을 포함한 운영정책 가시화 및 사용자에 투명성 보장
보안원칙 2 : 안전한 소프트웨어 및 하드웨어 개발기술 적용 및 검증
⑥ 소스코드 구현단계부터 내재될 수 있는 보안 취약점을 예방하기 위해 시큐어 코딩 적용
⑦ IoT 제품·서비스 개발에 사용된 다양한 SW에 대해 보안 취약점 점검 수행 및 보안패치 방안 구현
⑧ 펌웨어/코드 암호화, 실행코드 영역제어, 역공학 방지 기법 등 다양한 하드웨어 보안기법 적용
보안원칙 3 : 안전한 초기 보안 설정 방안 제공
⑨ IoT 장치 및 서비스 (재)설치 시 보안 프로토콜들에 기본으로 설정되는 파라미터 값이 가장 안전한 설정이 되도록 ‘Secure by Default’ 기본원칙 준수
보안원칙 4 : 보안 프로토콜 준수 및 안전한 파라미터 설정
⑩ 안전성을 보장하는 보안 프로토콜 적용 및 보안 서비스 제공 시 안전한 파라미터 설정
보안원칙 5 : IoT 제품·서비스의 취약점 보안패치 및 업데이트 지속 이행
⑪ IoT 장치·서비스의 보안 취약점 발견 시, 이에 대한 분석 수행 및 보안패치 배포 등의 사후조치 방안 마련
⑫ IoT 장치·서비스에 대한 보안취약점 및 보호조치 사항은 홈페이지, SNS 등을 통해 사용자에게 공개
보안원칙 6 : 안전한 운영·관리를 위한 정보보호·프라이버시 관리체계 마련
⑬ 최소한의 개인정보만 수집·활용될 수 있도록 개인정보보호정책 수립 및 특정 개인 식별정보의 생성·유통을 통제할 수 있는 기술적·관리적 보호조치 포함
보안원칙 7 : 사물인터넷 침해사고 대응체계 및 책임추적성 확보 방안 마련
⑭ 다양한 유형의 IoT 장치, 유·무선 네트워크, 플랫폼 등 다양한 계층에서 발생 가능한 보안 침해사고에 대비하여 침입탐지 및 모니터링 수행
⑮ 침해사고 발생 이후 원인분석 및 책임추적성 확보를 위해 로그기록의 주기적 저장·관리
FAQs on Income-tax Returns for Assessment Year 2020-21
• Applicable ITR Forms
• Reporting in Schedules
• Filing of Returns
• Aadhaar-PAN linking
• Presumptive Taxation
• Capital Gains
• Tax payment, TDS, TCS and refund
• Deductions & Rebate
• Set-off of losses
• Income taxable in the hands of other person
The Income Tax Department has announced forms for filing I-T returns for the 2020-21 fiscal year, which is a significant development in the field of taxation. In spite of the ongoing COVID pandemic and to make it easier for taxpayers, no major changes to the ITR Forms have been made in relation to last year's ITR Forms. Only the bare minimum reforms were introduced as a result of revisions to the Income-tax Act of 1961.
Application for Lower/No Withholding of Tax: Sec 195 (2) & (3)DVSResearchFoundatio
Objectives & Agenda :
To understand the process involved in making an Application to Assessing Officer for Lower withholding in case of payments to non-residents by the Payer [Sec 195(2)] or the request by the recipient for No withholding [Sec 195(3)]. We shall also look at procedural aspects involved and relevant caveats to be kept in mind.
We all know that with invent of a lot of amendments and introduction of new acts, the ITR forms for the current year (AY 18-19) also went through a considerable amount of changes.
Here is a compilation of all those Major Changes along in the ITR Forms for AY 2018-19.
This is for the benefit of students/staffs in charge/ any person who is in charge of the duty of filing return.
It contains - Applicability of all ITR forms, and the Main changes that were incorporated, with relevant screenshots wherever possible/required.
Please do like comment and share if you find it useful.
Thanks. More useful & practical oriented contents coming up in the upcoming days. So stay tuned.
OBJECTIVE
Goods and Services Tax (GST) is an Indirect Tax levied in India introduced in July, 2017 which was one of the most important reforms in the Indian Economy. Timely refund mechanism is essential in tax administration, as it facilitates trade through the release of blocked funds for working capital, expansion and modernisation of existing business. In this webinar, we shall be learning the procedural aspects of refund under GST law.
Exploring Abhay Bhutada’s Views After Poonawalla Fincorp’s Collaboration With...beulahfernandes8
The financial landscape in India has witnessed a significant development with the recent collaboration between Poonawalla Fincorp and IndusInd Bank.
The launch of the co-branded credit card, the IndusInd Bank Poonawalla Fincorp eLITE RuPay Platinum Credit Card, marks a major milestone for both entities.
This strategic move aims to redefine and elevate the banking experience for customers.
Poonawalla Fincorp and IndusInd Bank Introduce New Co-Branded Credit Cardnickysharmasucks
The unveiling of the IndusInd Bank Poonawalla Fincorp eLITE RuPay Platinum Credit Card marks a notable milestone in the Indian financial landscape, showcasing a successful partnership between two leading institutions, Poonawalla Fincorp and IndusInd Bank. This co-branded credit card not only offers users a plethora of benefits but also reflects a commitment to innovation and adaptation. With a focus on providing value-driven and customer-centric solutions, this launch represents more than just a new product—it signifies a step towards redefining the banking experience for millions. Promising convenience, rewards, and a touch of luxury in everyday financial transactions, this collaboration aims to cater to the evolving needs of customers and set new standards in the industry.
The secret way to sell pi coins effortlessly.DOT TECH
Well as we all know pi isn't launched yet. But you can still sell your pi coins effortlessly because some whales in China are interested in holding massive pi coins. And they are willing to pay good money for it. If you are interested in selling I will leave a contact for you. Just telegram this number below. I sold about 3000 pi coins to him and he paid me immediately.
Telegram: @Pi_vendor_247
how to sell pi coins effectively (from 50 - 100k pi)DOT TECH
Anywhere in the world, including Africa, America, and Europe, you can sell Pi Network Coins online and receive cash through online payment options.
Pi has not yet been launched on any exchange because we are currently using the confined Mainnet. The planned launch date for Pi is June 28, 2026.
Reselling to investors who want to hold until the mainnet launch in 2026 is currently the sole way to sell.
Consequently, right now. All you need to do is select the right pi network provider.
Who is a pi merchant?
An individual who buys coins from miners on the pi network and resells them to investors hoping to hang onto them until the mainnet is launched is known as a pi merchant.
debuts.
I'll provide you the Telegram username
@Pi_vendor_247
where can I find a legit pi merchant onlineDOT TECH
Yes. This is very easy what you need is a recommendation from someone who has successfully traded pi coins before with a merchant.
Who is a pi merchant?
A pi merchant is someone who buys pi network coins and resell them to Investors looking forward to hold thousands of pi coins before the open mainnet.
I will leave the telegram contact of my personal pi merchant to trade with
@Pi_vendor_247
how to sell pi coins in South Korea profitably.DOT TECH
Yes. You can sell your pi network coins in South Korea or any other country, by finding a verified pi merchant
What is a verified pi merchant?
Since pi network is not launched yet on any exchange, the only way you can sell pi coins is by selling to a verified pi merchant, and this is because pi network is not launched yet on any exchange and no pre-sale or ico offerings Is done on pi.
Since there is no pre-sale, the only way exchanges can get pi is by buying from miners. So a pi merchant facilitates these transactions by acting as a bridge for both transactions.
How can i find a pi vendor/merchant?
Well for those who haven't traded with a pi merchant or who don't already have one. I will leave the telegram id of my personal pi merchant who i trade pi with.
Tele gram: @Pi_vendor_247
#pi #sell #nigeria #pinetwork #picoins #sellpi #Nigerian #tradepi #pinetworkcoins #sellmypi
Introduction to Indian Financial System ()Avanish Goel
The financial system of a country is an important tool for economic development of the country, as it helps in creation of wealth by linking savings with investments.
It facilitates the flow of funds form the households (savers) to business firms (investors) to aid in wealth creation and development of both the parties
What website can I sell pi coins securely.DOT TECH
Currently there are no website or exchange that allow buying or selling of pi coins..
But you can still easily sell pi coins, by reselling it to exchanges/crypto whales interested in holding thousands of pi coins before the mainnet launch.
Who is a pi merchant?
A pi merchant is someone who buys pi coins from miners and resell to these crypto whales and holders of pi..
This is because pi network is not doing any pre-sale. The only way exchanges can get pi is by buying from miners and pi merchants stands in between the miners and the exchanges.
How can I sell my pi coins?
Selling pi coins is really easy, but first you need to migrate to mainnet wallet before you can do that. I will leave the telegram contact of my personal pi merchant to trade with.
Tele-gram.
@Pi_vendor_247
Currently pi network is not tradable on binance or any other exchange because we are still in the enclosed mainnet.
Right now the only way to sell pi coins is by trading with a verified merchant.
What is a pi merchant?
A pi merchant is someone verified by pi network team and allowed to barter pi coins for goods and services.
Since pi network is not doing any pre-sale The only way exchanges like binance/huobi or crypto whales can get pi is by buying from miners. And a merchant stands in between the exchanges and the miners.
I will leave the telegram contact of my personal pi merchant. I and my friends has traded more than 6000pi coins successfully
Tele-gram
@Pi_vendor_247
How to get verified on Coinbase Account?_.docxBuy bitget
t's important to note that buying verified Coinbase accounts is not recommended and may violate Coinbase's terms of service. Instead of searching to "buy verified Coinbase accounts," follow the proper steps to verify your own account to ensure compliance and security.
when will pi network coin be available on crypto exchange.DOT TECH
There is no set date for when Pi coins will enter the market.
However, the developers are working hard to get them released as soon as possible.
Once they are available, users will be able to exchange other cryptocurrencies for Pi coins on designated exchanges.
But for now the only way to sell your pi coins is through verified pi vendor.
Here is the telegram contact of my personal pi vendor
@Pi_vendor_247
Falcon stands out as a top-tier P2P Invoice Discounting platform in India, bridging esteemed blue-chip companies and eager investors. Our goal is to transform the investment landscape in India by establishing a comprehensive destination for borrowers and investors with diverse profiles and needs, all while minimizing risk. What sets Falcon apart is the elimination of intermediaries such as commercial banks and depository institutions, allowing investors to enjoy higher yields.
If you are looking for a pi coin investor. Then look no further because I have the right one he is a pi vendor (he buy and resell to whales in China). I met him on a crypto conference and ever since I and my friends have sold more than 10k pi coins to him And he bought all and still want more. I will drop his telegram handle below just send him a message.
@Pi_vendor_247
how can i use my minded pi coins I need some funds.DOT TECH
If you are interested in selling your pi coins, i have a verified pi merchant, who buys pi coins and resell them to exchanges looking forward to hold till mainnet launch.
Because the core team has announced that pi network will not be doing any pre-sale. The only way exchanges like huobi, bitmart and hotbit can get pi is by buying from miners.
Now a merchant stands in between these exchanges and the miners. As a link to make transactions smooth. Because right now in the enclosed mainnet you can't sell pi coins your self. You need the help of a merchant,
i will leave the telegram contact of my personal pi merchant below. 👇 I and my friends has traded more than 3000pi coins with him successfully.
@Pi_vendor_247
2. Notification No. 34/2013 dated 1st May, 2013.
Rule 12 of the Income Tax Rules, 1962 amended w.e.f. 1st April,
2013 through Income Tax (3rd Amendment) Rules, 2013
notified on 1st May, 2013 vide Notification No. 34/2013.
Changes brought into by the said notification may be broadly
classified in three part:
1. Changes in sub-rule (1) to rule 12.
2. Changes in sub-rule (2) to rule 12.
3. Changes in sub-rule (3,4 & 5) to rule 12.
4. New Forms for A.Y. 2013-14 notified
New Income Tax Return Forms SAHAJ (ITR-1), ITR-2,
ITR-3, ITR-4, SUGAM (ITR 4S) and ITR-V also got
notified through these amendment rules.
All these forms are available on the Income Tax E-
filing website https://incometaxindiaefiling.gov.in/e-
Filing/MyAccount/downloads
5. ITR – 1 SAHAJ
Who can use this return form?
An individual whose total income includes:
1. Income from Salary/Family Pension; and/or
2. Income from one House Property (excluding cases
where loss is brought forward from previous years);
and/or
3. Income from Other Sources (excluding Winning
from Lottery and Income from Horse races) and does
not have any loss under the head.
6. ITR – 1 SAHAJ
Who cannot use this return form?
An individual whose total income includes:
a) Income from more than one house property; or
b) Income from Winnings from lottery or Horse Races; or
c) Income under the head “Capital Gains”; or
d) Income from Agriculture/exempt income in excess of Rs.5000;
or
e) Income from Business or Profession; or
f) Loss under the head ‘Income from Other Sources’; or
g) Person claiming relief of foreign tax paid under section 90,
90A or 91; or
h) Any resident (other than not ordinarily resident) having any
asset (including financial interest in any security) located
outside India or signing authority in any account located
outside India.
7. ITR – 2
Who can use this return form?
An individual or a HUF
whose Total Income
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 winnings from
Lottery and Income from
Race Horses).
Who cannot use this return
form?
An individual or an HUF whose
total income for the Assessment
Year 2013-14 includes Income
from Business or Profession.
8. ITR – 3
Who can use this return
form?
a) An individual or a HUF
who is a partner in a firm
and
b) Where income
chargeable to income tax
under the head “Profits
or Gains of Business or
Profession” does not
include any income
except the income by the
way of any Interest,
Salary, Bonus,
Commission or
Remuneration.
Who cannot use this return
form?
An individual or an HUF
whose total Income for the
Assessment Year 2013-14
includes Income from
Business or Profession
under any Proprietorship.
9. ITR – 4
Who can use this return form?
a) This Return form can be used by an individual or an
HUF whose total Income for the Assessment Year
2013-14 includes Income from Business or
Profession under any Proprietorship.
10. SUGAM (ITR – 4S)
Who can use this return form?
An individual or a HUF whose total income includes :-
a) Business income computed in accordance with
special provisions referred to in Section-44AD and
44AE of the act; and/or
b) Income from Salary/Pension; and/or
c) Income from One House Property (excluding cases
where loss is brought forward from previous year);
or
d) Income from Other Sources (excluding winning
from Lottery and Income from Horse Races).
11. SUGAM (ITR – 4S)
Who cannot use this return form?
An individual or a HUF whose total income includes :-
a) Income from Profession as referred to in sub section (1) of section
44AA or income from an agency business or income in the nature of
commission for brokerage; or
b) Income from more than one House Property; or
c) Income from Winnings from Lottery or Income from Race Horses;
or
d) Income under the head “Capital Gains”; or
e) Income from Agriculture or exempt income in excess of ` 5000/-; or
f) Income from Speculative Business and other special incomes; or
g) Person claiming relief of foreign tax paid under section 90, 90A or
91; or
h) Any resident having any asset (including financial interest in any
entity) located outside India or signing authority in any account
located outside India.
12. Important Inclusions in the new Return Forms
1. Name of the Country
2. Whether person governed by Portuguese Civil Code u/s 5A.
3. Provision made for two Email IDs. One for the assessee and
other of Professional/ Intermediary.
4. In ‘SAHAJ’ & ‘SUGAM’ Forms, ‘Sec 139(9)Defective’ included
under the options “Section under which Returns have been
filed”.
5. Under the schedule ‘Deductions’ :
a) Sec 80CCD bifurcated into two parts namely Sec 80CCD(1) and
Sec 80CCD(2).
b) Sec 80CCG inserted. (Rajiv Gandhi Equity Savings Scheme).
c) Sec 80TTA inserted. (Deduction in respect of Interest on Deposit
in Savings Account).
6. IFSC Code to be mentioned under the head ‘Bank Account
Detail’. Now MICR code is not required.
13. Important Inclusions in the new Return Forms
7. A separate ‘Schedule FSI’ inserted in ITR 2,3 & 4 in which
assessee is required to give ‘Country Wise’ & ‘Head Wise’ detail
of Income Accruing or Arising outside India. This income is to
be further bifurcated into income from countries where DTAA
is not applicable.
8. Schedule of ‘Detail of Foreign Assets’ modified.
a) Now Account Number is also to be given under the ‘details of
Foreign Bank Account’ & under ‘Details of account in which
assessee has signing authority.
b) Now, details of trusts created under the law of a country
outside India, in which the assessee is trustee is also to be given.
9. A new Schedule AL inserted in ITR 2,3 & 4, in which all
assessee’s having Taxable Income in excess of ` 25 lakhs are
required to disclose their assets and liabilities.
10. In SAHAJ & SUGAM form now the assessee has to specify,
whether Income from House Property is from Self Occupied
House or from Let Out House.
14. Important Inclusions in the new Return Forms
11. Date of furnishing of Audit Report is now inserted
under the head ‘Audit Information’ in ITR – 4 and also
information related to “whether tax payer is liable to
furnish a report u/s 92E?” has been added.
12. Now, “Income from winning from lotteries,
crossword puzzles, races, games, gambling, betting
etc.” is to be shown separately under the head Income
from Other Sources in Schedule TI (Total Income)
13. Now, “Income Chargeable to Tax at Special Rates” is
also to be shown separately under the schedule TI (Total
Income)
14. “Tax payable on deemed total Income u/s 115JC & Tax
Credit Available u/s 115JD” is now to be shown
separately under the Schedule ‘Computation of Tax
Liability’ & its detailed calculation is to be given in
‘Schedule AMT & AMTC’ respectively.
15. Important Inclusions in the new Return Forms
15. Rebate on Agricultural Income is now to be shown
separately under the Schedule ‘Computation of Tax Liability’
by reducing it from the taxes computed at normal & Special
Rates, to arrive at tax payable on total income.
16. Deduction u/s 16 inserted in Schedule S “Detail of Income
from Salary”
17. Additions and deductions in accordance with sec 28 to
44DA are now to be shown separately while computing Income
from Specified Business in Schedule BP of ITR – 4.
18. In Schedule CG- Capital Gains:
a) Detailed working of STCG from shares/ units where sec. 111A is
applicable (STT paid) & STCG on other assets, is to be given
separately for both resident and non-resident assessees.
b) LTCG from sale of unlisted securities (sec. 112 (1)(c )(iii)), in case
of non-resident is to be shown separately.
c) Assessee claiming deduction u/s sec. 54GB are required to furnish
PAN of the company in which investment is made by them.
16. Important Inclusions in the new Return Forms
19. In Schedule OS- Income from other sources assessee are now
required to mention source of each & every income declared
under this Head.
20. In Schedule 80IB, deduction in relation to operating &
maintaining a hospital in any area other than excluded area
(clause 11C) has been inserted.
21. A new Schedule 5A has been inserted, wherein assessee is required
to give information regarding apportionment of income (head
wise) between spouses governed by Portuguese Civil Code.
22. In ITR – 3, In schedule IF (Information regarding partnership firm)-
assessee is now required to state whether the firm is liable to
audit or not).
23. In Schedule EI- Detail of Exempt Income, Agricultural Income is
to be shown at Gross Value from which Expenses & Brought
forward losses are to be reduced to arrive at the Net Agricultural
Income. Till last year only net agricultural income was required to be
shown.
17. Areas not addressed by the new ITR forms
1. No provision has been made in ITR-4S Sugam for
salary & interest paid to partners- separately
allowable as per proviso to section 44AD.
2. In case of proprietor having more than one business-
provision for providing separate financials for each of
the proprietorship concern has not been made.
3. In case of non maintenance of books of accounts for
assessee covered by presumptive taxation how to
provide the details of S.debtors, S.creditors, Cash &
Bank balance, no clarity provided.
4. In case of deceased assessee, no provision has been
made to file the return with the DSC of his legal
representative.
19. E-filling of Audit Report is now mandatory
Tax Audit Report u/s 44AB, Transfer Pricing Report u/s
92E and MAT Report u/s 115JB shall henceforth be
required to be furnished electronically. Utility for the
following forms is available on the Income Tax E-filing
website https://incometaxindiaefiling.gov.in/e-
Filing/MyAccount/downloads:
Offline Mode
a) Form 3CA & 3CD
b) Form 3CB & 3CD
c) Form 3CEB
d) Form 29B
Online Mode
a) Form 6B
b) Form 10B
c) Form 10BB
20. Penalty for failure in furnishing of Tax Audit Report
Section 271B: If a person fails to get his accounts audited
in respect of any previous year or furnish a report of such
audit as required u/s 44AB
Penalty: One half % of the turnover or
` one lac fifty thousand which ever is less
Section 44AB amended wef 1-7-1995 wherein words
“obtain before” replaced by “furnish by”
21. Penalty for failure in furnishing of Tax Audit Report
Circular No. 9 / 2006 dt 10-10-2006
The report of audit under section 44AB is not to be attached
with the return. It should not be furnished separately also
before or after the due date. However, an assessee should get
the report of audit from an accountant under said section
before the due date of the furnishing of the return and should
fill out the relevant columns of these forms on the basis of
such report. The assessee should retain the report with
himself. It may be furnished in original during the
assessment proceedings. No penalty under section 271B shall
be initiated or levied for not furnishing the tax audit report
on or before the due date. However, if the audit report has
not been obtained before the due date, provisions of section
271B shall be attracted.
22. Steps to be followed by a tax professional
1. GO TO 'Downloads' section and select applicable Income Tax
Form of the relevant Assessment Year OR Login to e-Filing
application and GO TO 'Downloads'-->'Download Forms' and
select applicable Income Tax Form of the relevant Assessment
Year.
2. Download the excel utility of the Income Tax Form.
3. Fill the excel utility and Validate.
4. Generate an XML file and save in desired path/destination in
your desktop/system.
5. LOGIN to e-Filing application and GO TO e-File --> Upload
Form.
6. Select the Income Tax Form and the Assessment Year.
7. Browse and Select the XML file
8. Upload Digital Signature Certificate.
9. Click 'SUBMIT'.
23. Steps to be followed by an assessee
1. Assessee can "Add CA", using My Account menu, after
login by filling the following details:
a) Membership Number
b) Form Name (Form 3CA, 3CB, 3CD, etc.)
Note: Before this Chartered Accountant should be registered as
a tax professional in https://incometaxindiaefiling.gov.in/e-
Filing/Registration/RegistrationHome.html
2. After uploading of desired form by the tax professional
assessee should LOGIN to e-Filing application, GO TO
Worklist and accept/reject the Income Tax Form.
3. On Approval, the Form is successfully submitted with e-
Filing application. No further action is required.
33. Mandatory E-Filling of the income tax return
with or without DSC
1. A person other than a company and a person
required to furnish the return in Form ITR-7, whose
total income in the P.Y. Rs.5 Lacs.
2. An individual or HUF being a resident, having
assets (including financial interest in any entity)
located outside India or signing authority located
outside India and required to furnish the return in
Form ITR-2/ITR-3/ITR-4, as the case may be.
3. A person claiming any relief of tax u/s 90 or 90A or
91 of the act.
34. Compulsory E-Filling of the income tax return
with DSC
1. An individual or HUF who are required to get their
books of account get audited u/s 44AB.
2. A firm who is required to get their books of account
get audited u/s 44AB.
3. A company who is required to file its return of
income in Form ITR-6
All other tax payers have the option of furnish Return of
Income in any of the above manner mentioned above.
35. Other important amendments -
[Income Tax (fourth amendment) Rules, 2013].
Two new rules “Rule 6AAD & Rule 6AAE” has been
inserted vide Income Tax (fourth amendment) Rules,
2013 containing guidelines for approval of agricultural
extension project under section 35CCC & Conditions subject
to which an agricultural extension project is to be notified
under section 35CCC.
Further two new forms “3C-O & 3CP” has been introduced:
Form 3c-o: Application form for approval under sub-section
(1) of section 35CCC.
Form 3cp: Form for notification of agricultural extension
project under sub- section (1) of section 35CCC.
36. Other important amendments -
[Income Tax (fifth amendment) Rules, 2013].
TDS to be deducted on transfer of immovable properties w.e.f. 01.06.2013 &
certain amendment has been made in rule 30, 31 & 31A specifying the
manner in which the payment of the same is to be made and availment of
credit by the deductee.
Details to be provided in the challan:
1. Permanent Account No. (PAN) of Transferee(Payer/Buyer)
2. Permanent Account No. (PAN) of Transferor (Payee/Seller)
3. Category of PAN of Transferee
4. Category of PAN of Transferor
5. Full Name of the Transferee
6. Full Name of the Transferor
7. Complete Address of the Transferee
8. Complete Address of the Transferor
9. Complete Address of the Property Transferred
10. Details of amount paid/Credited
11. Tax Deposit Details