MANISH MALHOTRA & ASSOCIATES

E-filing of return is mandatory for the below mention persons only: (a)  Every resident and ordinarily resident individual and HUF, if he/it has any of following:  (i) Signing authority in any account located abroad;  (ii) Any asset located abroad; or (iii) Financial interest in any entity located abroad. (b)  A political party [if its income exceeds the limit, without claiming exemptions under Section 13A, which is not chargeable to tax] (c)  Every person claiming tax relief under Section 90, 90A or section 91; (d)  A firm or an individual or HUF who are required to get their accounts audited under section 44AB; (e)  Every company; (f)  Every AOP or BOI; (g)  A person [other than a company and a person required to furnish return  in form ITR 7] whose total income exceeds Rs. 5 lakh rupees during the previous year 2013-14. Note: 1. Means from previous year 2013-14, all assesse whose total income exceeds Rs. 5 lakhs is required to file Inc

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