by S. ASWATH
There are 11
interesting updates in the ITR of FY 13- 14 which are:
(1). There are no
refund by Cheque and only e-refund will be allowed
Controversy..!
Till now there are 2
option such as E-refund as well as cheque. But, where the refund exceeds the
limit fixed by the CBDT (internally I think it was 25000 for FY1213) even
though we opted for e-refund the CPC will send only through Physical Cheque /
DD
(2.) Claim of TDS/TCS
credit of earlier years - Hence if we don't have sufficient income we can
carried forward the credit benefit
Controversy..
When the CPC
processing the ITR it will not take credit when it is not available in such
related AY of 26AS. Then is it going to be cause for intimation?
(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 seperately
(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 follwoing
details has to be reported:
A. Registration No. & Registration
Authority
B Accumulation of
Income details
C. Voluntary
contribution like whether from foreign or anonymous
Controversy..
: If it is mandatory
then what can be the situation for unregistered trust?
(11). Additional details U/s. 36/37
Controversy.
One of the details is
when there is expenditure which is not wholly related to business has to be
reported separately. How an assessee will Identify and report this practically?
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