There are 12 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 two 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?
12. Transactions with Cyprus has to be reported if any
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