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Changes in Income Tax Return Forms for A.Y. 2015-16

Electronic Verification Code(EVC)

 Notification no. 41 issued on 15.04.2015 amended Rule 12 introduced the concept of EVC.

 On 13.07.2015 the CBDT issued Notification No.2/2015 laying down the procedures, data structure and standard for Electronic Verification Code.

 EVC means a code generated for the purpose of electronic verification of the person furnishing the return of income.

 One EVC can be used to validate one return of the assessee irrespective of the AY or return filing type (Original/Revised).

 It will be a 10 digit alpha numeric number.

 EVC can be generated using different modes as follows.

Net banking

 Registered banks website provide a direct link to the e-filling site to registered customers.

 After logging into net banking facility & clicking onto the e-filling link will link to the e-filing website’s My Account section.

 Only where the PAN of the taxpayer is duly verified as part of the KYC norms of the bank.

 Taxpayer can then generate an EVC which will get displayed on the screen & also sent on registered mobile number of taxpayer.

 Once generated the same would be valid for 72 hours.

Aadhaar OTP:

 Link Aadhaar card number to the PAN.

 OTP will be generated when needed & sent to the mobile number registered with UIDAI.

 It would be used as EVC.

 Valid for only 10 minutes.

 Here EVC is generated by UIDAI.

Using the automatic Teller Machine (ATM) of a bank:

 ATM card in respect of a bank account for which the PAN is verified and where the bank is registered with the income-tax e-filling website can use the ATM card to generate the EVM.

 On selecting an option to generate an EVC, It will be sent to the registered mobile number by the income- tax department’s site.

 It will be valid for 72 Hours.

Registered email ID and mobile number of assessee:

 An assessee with total income not exceeding Rs. 5 lakhs and who are not entitled to any refund can use this option.

 Assessee needs to log onto the e-filling website and generate the EVM through it.

 EVC would be sent to registered email id and mobile number of the assessee.

 It will be valid for 72 hours.

ITR 1 Sahaj
Applicable to an individual whose total income includes:
 Income from Salary/Pension; or
 Income from One House Property (excluding cases where loss is forward from previous years); or
 Income from Other Sources (excluding Winning from Lottery and Income from Race Horses)
Note: – In a case of clubbing this Return From can be used only if the income being clubbed falls into the above income categories.

Not applicable to an individual whose total income includes:
 Income from more than one house property; or
 Income from Winnings from lottery or income from Race horses; or
 Income under the head “ Capital Gains”, or
 Income from agriculture / exempt income in excess of Rs. 5,000; or
 Income from Business or Profession or
 Loss under the head ‘income From Other Sources’; or
 Person claiming relief Under Section 90 and/ or 91
 Any individual, who is a resident and has
(i) assets ( including financial interest in any entity) located outside India; or
(ii) signing authority in any account located outside India.
 Any Resident having Income from Any Source outside India.

ITR 2

Applicable to an individual or a Hindu Undivided Family whose total income includes:
 Income from Salary/Pension; or
 Income from house Property; or
 Income from Capital Gain; or
 Income from Other Sources (including Winning from Lottery and Income from Race Horses)

Note: – In a case of clubbing this Return Form can be used only if the income being clubbed falls into the income categories.

ITR 2A

Applicable to an individual or a Hindu Undivided Family whose total income includes;
 Income from salary/Pension; or
 Income from House property: or
 Income from other Sources (including Winning from Lottery and Income from Race Horses)
Note: – in a case of clubbing this Return form can be used only if the income being clubbed falls into the above income categories.

ITR 2A

Not applicable to an individual or a Hindu Undivided Family whose total income includes:
 Income from Capital Gains; or
 Income from Business or Profession; or
 Any claim of relief/deduction under section 90, 90A or 91; or
 Any resident having any asset (including financial interest in any entity) located outside India or signing authority in any account located outside India; or
 Any resident having income from any source outside India.

ITR 4S Sugam

Applicable to an individual or a Hindu Undivided Family whose total income includes:
 Business income where such income is computed in accordance with special provisions referred to in section 44AD and 44AE of the Act for computation of business income; or
 Income from Salary / Pension; or
 Income from One House Property (Excluding cases where loss is brought forward from previous years); or
 Income from Other Sources (Excluding winning from lottery and Income from Race Horses).

Note: – The income computed shall be presumed to have been computed after giving full effect to every loss, allowance, depreciation or deduction under the Income-tax Act.
Note: – In a case of clubbing this return Form can be used only if the income being clubbed falls into the above income categories.

ITR 4S Sugam

Not applicable to an individual whose total income includes:
 Income from more than one house property; or
 Income from Winning from lottery or income from Race Horses; or
 Income under the head “Capital Gain”, e.g., short-term capital gains or long-term capital gains from sale of house, plot, shares etc.; or
 Income from agriculture in excess of Rs. 5000; or
 Income from Speculative Business and other special incomes; or
 Income from a profession as referred to in sub-section(1) of section 44AA or income from an agency business or income in the nature of commission for brokerage; or
 Person claiming relief of foreign tax paid under section 90, 90A or 91; or
 Any resident having any asset (including financial interest in any entity) located outside India or signing authority in any account located outside India or
 Any resident having income from any source outside India
Bank accounts in India

ITRs 1, 2, 2A, 4S

 To furnish details of all bank accounts held by him in India at any time during the previous year.
 However, the new ITR forms notified on June 22, 2015 provide immunity to the taxpayer from furnishing details about the bank accounts which have become dormant.
 ‘Dormant’ account shall be those current and saving bank account which have not been operational for more than 24 months.

ITRs 1, 2, 2A, 4S

 Following details shall be reported in respect of each bank account held by assessee in India:
a) IFSC Code of the Bank
b) Name of the Bank
c) Name of joint holder (if any) (withdrawn)
d) Account Number
e) Account Balance as on 31st March of the previous year (withdrawn)
f) Nature of the bank account, i.e., current account or saving account
Foreign travelling

ITRs 2, 2A

 The details about overseas travelling are not required to be furnished in the new return forms.
 The individual should furnish his Passport number, if available.
Unutilized amount in capital gains accounts

ITR 2

 Deposit amount in capital gains account scheme if unable to invest in new capital asset within the specified time period to avail the exemption under section 54, 54B, etc.
 In that case, exemption shall be aggregate of actual investment in new capital asset and amount deposited in capital gain account scheme before due date of filling of return of income.
 Amount so deposited in the capital gains account scheme should be utilized for investment in specified asset within specified time – limit, otherwise the unutilized amount shall be chargeable to tax in the previous year in which the time-limit expires. The unutilized amount would be taxable as short-term capital gain/long-term capital gain, depending upon the nature of original gains account scheme.
 In ITR forms, requisite details are required to be provided in respect of amount so deposited in capital gain account scheme.
Income taxable under DTAA – Non Resident

ITR 2, 2A

 In case of non resident earning income in foreign country
 Name of the Country
 Relevant Article of DTAA
 Rate of tax under DTAA (applicable in case of residuary income)
 Confirmation if TRC has been obtained
 Corresponding section of the Act which prescribes the rate of tax (applicable in case of residuary income)
 Amount of income
 Further, the special tax rate on capital gain or residuary income and tax on such income as per DTAA shall be disclosed separately in Schedule SI – ‘Income chargeable to special rates’.

Changes in Income Tax Return Forms for AY 2015-16

Changes in Income Tax Return Forms for AY 2015-16

Changes in Income Tax Return Forms for AY 2015-16

Changes in Income Tax Return Forms for AY 2015-16

Agriculture income

ITRs 2, 2A
 The schedule EI- ‘Details of Exempt Income’ in ITR forms requires assessee to provide following figures separately:
a) Gross agricultural receipts
b) Expenditure incurred on agriculture
c) Unabsorbed agricultural loss of previous eight assessment years
d) Net agricultural income for the year.

Heavy & light good carriages: Distinction removed

ITR 4S

 The Finance (No. 2) Act, 2014 amended section 44AE to remove the distinction between heavy goods carriages and light good carriages. From Assessment Year 2015-16, presumptive income in respect of goods carriages is computed at a uniform rate of Rs. 7,500 per month for any goods carriages.

 Therefore, the ITR forms remove the concept of type of goods carriages and to provide for uniform rate of Rs. 7,500 per month for computation of presumptive income of goods carriages.

Changes in Income Tax Return Forms for A.Y. 2015-16

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