INCOME-TAX (3RD AMENDMENT) RULES, 2013

Notification: 34

Dated: 1/05/2013

The Central Board of Direct Taxes hereby makes the following rules further to amend the Income-tax Rules, 1962, namely:-

1.   (1) These rules may be called the Income-tax (3rd Amendment) Rules, 2013.

(2) They shall be deemed to have come into force with effect from the 1st day of April, 2013.

2.   Income-tax (3rd Amendment) Rules, 2013 redefines the conditions and eligibility to choose from a variety of Income-tax return forms which are as follows: 

·     An individual can’t be filed Return in ITR 1 if incurs losses under the head ‘Income from other sources’. 

·   A resident person (other than not ordinarily resident in India) can’t be filed  Return in ITR 1 if he claims any relief of tax under Section 90, 90A or 91 and Income exceeding Rs. 5,000 which is not chargeable to tax. In other words, if assessee claims exemption in respect of any income under Section 10, 10A, 10AA, etc. 

·    Return in ITR 4S cannot be filed by an Individual or a HUF deriving income as referred to in Sections 44AD or 44AE, if it has claims any relief of tax under Section 90, 90A or 91 and Income exceeding Rs. 5,000 which is not chargeable to tax. In other words, if assessee claims exemption in respect of any income under Section 10, 10A, 10AA, etc.

· Mandatory e-filing of audit reports u/s 44ABin respect of books of account, u/s 92E in respect of international transaction, or u/s 115JB in respect of MAT computation.

·  Mandatory e-filing of return if income exceeds Rs. 5,00,000 or if assessee claims tax relief.

a)   It is mandatory for every person (not being a co. or a person filing return in ITR 7) to e-file the return of income if its total income exceeds Rs.5,00,000

b)   Every person claiming tax relief under Section 90, 90A or 91 shall file return in electronic mode. 

3.    In the said rules, in Appendix-II, for “Forms SAHAJ (ITR-1), ITR-2, ITR-3, SUGAM (ITR-4S), ITR-4 and ITR-V”, the “Forms SAHAJ (ITR-1), ITR-2, ITR-3, SUGAM (ITR-4S), ITR-4 and ITR-V” shall be substituted.

Regards

CA. Mona Singhal

Partner

Arpit Gupta & Associates

Chartered Accountants

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