Latest Expert Exchange Queries
sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
 
 
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Service Tax | Sales Tax | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Indirect Tax | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing
 
 
 
 
Popular Search: VAT RATES :: empanelment :: TAX RATES - GOODS TAXABLE @ 4% :: Central Excise rule to resale the machines to a new company :: VAT Audit :: due date for vat payment :: ACCOUNTING STANDARD :: articles on VAT and GST in India :: ACCOUNTING STANDARDS :: TDS :: list of goods taxed at 4% :: form 3cd :: ARTICLES ON INPUT TAX CREDIT IN VAT :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: cpt
 
 
News Headlines »
 Invoking Writ Jurisdiction For Income Tax Matters
 How to file income-tax returns online
 How Income Tax Returns Are Scrutinised
 All About New Income Disclosure Scheme to make Demonetisation successful
 Your deposit may draw income tax notice
 Accepting payment under IDS 2016
 New disclosure scheme could see 50% tax and 4-year limit on cash use for unaccounted deposits
 Pay 50% tax on unaccounted deposits, or 85% if caught, says Modi government
 Deadline to pay property tax in old currency extended
 Cabinet clears amendments to Income Tax Act
 Have you got interest on your income tax refund?

15 key changes in this year's Income Tax return forms
July, 02nd 2014

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. 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)

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.

FOR CORPORATES

7. Transaction(s) with Notified Jurisdictions: Recently, the Central Government has notified Cyprus as a notified jurisdictional area. As a consequence to this notification, all taxpayers will have to report any transaction(s) entered with Cyprus in the new forms.

8. Unique Identification Number: Every corporate taxpayer and Limited Liability Partnership has been provided with a unique Corporate Identity Number by the Ministry of Corporate Affairs ('MCA'). The aforesaid taxpayers will now have to mention such unique number in the new prescribed forms.

Additionally, the aforesaid taxpayers will have to provide the information in respect of the Director Identification Number or Designated Partner Identification Number (issued to each director and partner by the MCA) in the newly prescribed forms apart from their PAN and other information such as their name, designation and residential address.

9. Buy Back of Unlisted Shares by the Indian Corporate Taxpayer: The Finance Act 2013 enlarged the scope of taxation by levying distribution tax on Indian corporate taxpayer(s) buying back its unlisted shares. Accordingly, a schedule has been inserted in the newly prescribed forms which mandate Indian corporate taxpayer(s) to disclose necessary information in respect of buy back of unlisted shares and tax paid thereon.

10. Tax on Book Profit for Specified Corporate Taxpayer: The Finance Act 2012 extended the provisions relating to tax on book profit to specified corporate taxpayers (engaged in Insurance, Electricity and Banking sectors) even though the financial statements are not prepared on the basis of Schedule VI of the Companies Act, 1956. Accordingly, in the newly prescribed forms, the classification in respect of aforesaid specified corporate taxpayer has been inserted.

11. Advance Pricing Agreement (APA): Every taxpayer who has entered into an APA is required to provide the information in respect of date of entering into the APA in the newly prescribed form.

12. Non-Deductible Business Expenditure: In the newly prescribed forms, information in respect of the following non-deductible business expenditure has been inserted, namely:

1. contribution to pension schemes, 2. amount of securities transaction tax, 3. expenditure of capital nature and 4. expenditure not wholly for the purpose of business or profession.

13. Deeming Business Income: The Finance Act 2013 provided that in computing business income from transfer of land or building (not being capital assets), stamp duty ready reckoner value should be adopted in case the actual transaction value is less than the former. The newly prescribed forms provide disclosure in respect of such ready reckoner value which exceeds the actual transaction value.

14. Units in Free Trade Zones / Special Economic Zones: Taxpayer(s) claiming exemption in respect of units in Free trade zones / Special economic zones shall provide the information in respect of the relevant tax year in which the eligible unit commenced manufacturing / producing specified articles along with the amount of exemption claimed in the newly prescribed forms.

15. Payments to Non-Residents: Disclosing the information in respect of specified payments to non-residents has now being extended to all taxpayers including non-corporate taxpayers. Accordingly the following specified payments

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2016 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Content Management System developers CMS developers Content Management Solutions CMS Solutions CMS India Content Management System India CMS development India Website CMS Website Content Management India Portal CMS India CMS Outsourcing CMS Vendor Complete CMS Custom CMS Services

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions