12 June 2014

Update in ITR form

FYI - Please find updates in the ITR form of Financial year 2013-14 (AY 14-15) as under:

1. There are no refund by Cheque and only e-refund will be allowed

2. Claim of TDS/TCS credit of earlier years - Hence if we don't have sufficient income we can carry forward the credit benefit.

3. CIN/LLPIN in ITR has to be filled by Company/LLP

4. Buy back of shares must be reported in the ITR by CHC

5. PAN of Debtors has to be provided if the assessee is claimed Bad debts

6. In Capital gain Computation

- Details U/s. 50 C is required to be reported
- Sale of securities by FII's

7. Gains U/s. 43CA under PGBP

8. Special income tax Return has to be shown separately

9. Payment details to Non-residents required to be reported in ITR

10. Changes in ITR5/7

- ITR 5 includes Private discretionary trust
- In ITR 7 following details has to be reported:

a. Registration No. & Registration Authority
b. Accumulation of Income details
c. Voluntary contribution like whether from foreign or anonymous

11. Additional details U/s. 36/37

12. Transactions with Cyprus has to be reported if any.

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