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Who should file Income Tax Return 2013-14 (Assessment Year 2014-15) and how ?

Who should file Income Tax Return 2013-14 (Assessment Year 2014-15) and how ? – Which ITR should I use if I am required to file Income Tax Return ?

All Salaried Employees would have got their Form-16 from their Employers by this time after deduction of income tax if required. Now it’s time to file Income Tax Return by the individual. It would be always in the mind of an Income Tax Assessee whether she / he is required to file Income Tax Return, since Income Tax Department (CBDT) is not consistent as far as allowing Exemption from filing Income Tax Return for Salaried Employees.

The exemption from filing Income Tax Return was extended to Salaried Employees and pensioners having Taxable Income less than Rs.5 Lakhs during the assessment Year 2011-12 and 2012-13. However this exemption was withdrawn in respect of assessment year 2013-14. And we are not sure till now whether CBDT would proivde any similar exemption from filing Income Tax Return this Year (Assessment Year 2014-15).

Who should file ITR this year ?

As such if an individual including Salaried Employees with age less than 60 years and whose income was Rs. 2 lakh or more in the financial year 2013-14 has to file Income Tax Return 2013-14 (Assessment Year 2014-15), i.e either ITR-1 or ITR-2 based on the type of income. In the case of Senior Citizens (60 years and above) and Super Senior Citizens (80 Years and above) Income Limit for getting exemption from filing ITR is Rs. 2.5 lakh and Rs. 5 lakh respectively

Another immportant condition introduced in Income Tax Notification No: 34/2013 dated 01.05.2013, apart from the removal exemption from filing Income Tax Returns by Salaried employees was mandatory E-filing of ITR online if Total Taxable income is Rs.5 lakh and above

Click here to download Income Tax Notification No: 34/2013 dated 01.05.2013

Also check this link for Clarifiction dated 22.07.2014 issued by CBDT on filing of Income Tax Returns

To sum-up, unless Salaried employees with annual taxable income less than Rs. 5 lakh are exempted from filing Income Tax Return 2013-14, in the days to come, they have to either file ITR-1 or ITR-2.

As per the CBDT Notification No: 34/2013 dated 01.05.2013, e-filing is compulsory in respect of income tax assessees with annual taxable Income of Rs. 5 lakh and more.

Which ITR should I use if I am required to file ITR 2013-14 (Assessment Year 2014-15) ?

As far as Salaried Employees and Pensioners are concerned, ITR-1 – Sahaj or ITR-2 would be applicable unless they have a professional or business Income. That too most of the salaried employees would be covered by ITR-1 as the same is applicable for Salary Income, Interest from Bank Deposit and income from one house property.

Which mode of Income Tax Return would be easier to file – Manual or Online (e-filing) ?

Online Filing of Income Tax Return (E-filing) has been made very user friendly these days so that even persons with very limited hands-on experience on computers can file their ITR online. If you can send an email or reserve a railway ticket online online then it very much sure that you can file ITR-1 and ITR-2 online at Income Tax Department’s e-filing platform – incometaxindiaefiling.gov.in

Check the link below to get step by step guidelines for filing your ITR-1 online

Click here for new online Income Tax Return filing Tool – File ITR-1 online in simple Steps

Download ITR-1 or ITR-2 If you are interested to file Income Tax Return manually (Paper ITR)

Click here to download ITR-1 – Sahaj for 2013-14 (Assessment Year 2014-15)

Click here to download ITR-1 – Sahaj 2013-14 – Filing Instructions

Click here to download ITR-2 2013-14 (Assessment Year 2014-15)

Click here to download ITR-2 2013-14 – Filing Instructions

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