New Income Tax Return Forms


New Income Tax Return Forms

CBDT has notified New “simplified” Income Tax Return forms for AY 2015-16 vide notification 49/2015 dated 22.06.2015 and has extended the deadline for the filing of returns to August 31.

 

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New Income Tax Return Forms

No major changes has been made in revised forms and more or less they are similar to Form issued for AY 2014-15. However few changes which have been introduced earlier this year has been twisted and a new form ITR-2A has been introduced.ITR 2A has been introduced for persons who do not have any capital gain income and income from any foreign source so that the person does not have to go into the complexities of the content of the form that is not applicable to him.

The  electronic verification code has been also introduced by IT department for submitting acknowledgement.It is helpful for the tax payer to submit and verify its identity while filing the return online itself and does not have to sign and send the signed copy to Bangalore.

Following are the Features and changes applicable to all form

E-filing through Electronic Verification Code

Income tax department has introduced electronic verification code method for verifying a person’s identity while filing the income tax return online. If this method is availed then a person need not send a signed copy of the acknowledgement (ITR-V) to Bangalore office of the Income Tax Department. His return will be treated complete by completing the verification method. The different verification method introduced by the government are:

  •  Aadhaar Number
  •  Login through Net Banking facility of the person
  •  Mobile OTP
  •  Digital Signature

To avoid sending a physical copy of ITR-V to Bangalore one of the above methods can be availed by a person for filing income tax return online.

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Bank Account Held

Now a person has to declare all his bank account held at anytime during the financial year for which the return is being filed. The bank accounts which are dormant/have not been operated during the financial year need not be declared. In case of refund due, a person can indicate the bank account in which he/she prefers to receive the refund.

All refunds to be sent directly to bank accounts

To end the current system of sending the refunds through cheque for refunds over the value of Rs. 50,000, the income tax department has also planning to fully adopt and use banking services.

Following are the Features and Changes applicable to each form
http://taxzippy.com/itr-1-sahaj-form-income-tax

Applicability

Form ITR 1 is applicable to individuals whose total income include:

  • Income from Salary/ Pension
  • Income from one House Property (No loss Brought forward)
  • Income from other sources (No income from Winning from Lottery and Race Horses)

Anybody having income from any source other than mentioned above such as income from more than one house property, income of minor children or spouse which is to be included in the income for tax, capital gain income,income from business income from source outside India, a person having asset outside India, relief claimed under section 90,90A or 91 cannot and should not use this form.

Exempt Income

A person has to declare its exempt income for reporting purpose. This was earlier not required in Form ITR 1 but now it will have to be provided. Some examples of exempt income are:

  • Interest earned from PPF account of a person
  • Dividend income earned form investments into mutual funds or shares etc.
  • Income/Gain from sale of equity based Mutual funds/shares on which STT has been paid and are exempt under section 10(38) of the income tax act.

Credit of TDS

Now a person has an option to claim credit of Tax Deducted at Source (TDS) in the return filed or carry it forward to the next year if the income pertaining to the TDS is taxable in the next year. the option can also be availed if the income pertain to the spouse of the person and a such the TDS can be claimed by the spouse.

Form ITR 2A (NEW FORM INTRODUCED)

Applicability

Form ITR 2A is applicable to individuals whose total income include:

  • Income from Salary/ Pension
  • Income from one House Property
  • Income from other sources (Including income from Winning from Lottery and Race Horses)

Anybody having income from any source other than mentioned above such as capital gain income, income from business, income from source outside India, a person having asset outside India, relief claimed under section 90,90A or 91 cannot and should not use this form.

The form is divided into 5 Parts which are:

  1. Part A – General
  2. Part B – Total income (TI) and Tax on Total Income (TTI)
  3. Verification
  4. Schedules
  5. Other information

Part A, Part B, Verification are required to be filed up by every person. Schedules and other information can be filed us as applicable.

Read other articles of Income Tax Return Forms :

https://www.cakart.in/blog/itr-6-form/

https://www.cakart.in/blog/itr-7-form/

 

http://taxzippy.com/itr2-for-individuals-and-hufs-income-tax-return-form

Applicability

Form ITR 2 is applicable to individuals whose total income include:

  1. Income from Salary/ Pension
  2. Income from one House Property
  3. Income from Capital Gains
  4. Income from other sources (Including income from Winning from Lottery and Race Horses)

Anybody having income from Business or Profession cannot and should not use this form.

There is not much change in the content of the form. However the scheme and flow of the form has been amended to the extent that now Part B includes some basic schedules which are to be filled up. Similar to the scheme of Form 2A, Part A, Part B, Verification are required to be filed by every person. The schedules can be filled to as applicable to make the form look easy. Though one may say that if the schedules could be avoided the form itself could be avoided by filling up ITR 2A.

The details of Foreign Assets are now required to be provided in an elaborate manner. Any person having any of the following will have to fill up the required details necessarily:

  • Foreign Bank Accounts held
  • Foreign interest in any Equity held outside India
  • Immovable Property held outside India (including any beneficial interest)
  • Capital Asset held outside India (including any beneficial interest)
  • Accounts outside India in which a person has Signing Authority at any time during the financial year
  • Any other income derived which is for any reason not included in the total income.
  • Trust created under the law of a country outside India (As Trustee, Beneficiary or Settler)

 New Income Tax Return Forms

Download the following pdf’s related to ITR FORM NOTIFICATION

 https://www.cakart.in/downloads/Income-Tax-Return-forms-for-AY-2015-16   

 

 https://www.cakart.in/downloads/Income-Tax-Return-2-forms-for-AY-2015-16

 

https://www.cakart.in/downloads/Income-Tax-Return-2A-forms-for-AY-2015-16

 

https://www.cakart.in/downloads/Income-Tax-Return-4S-forms-for-AY-2015-16

 

https://www.cakart.in/downloads/Income-Tax-Return-V-forms-for-AY-2015-16

 

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yearlytaxdigestYEARLY TAX DIGEST(SET OF 2 VOLUMES) 

 

 

 

 

TAXATIONOFARTICLESTAXATION OF ARTISTES AND SPORTSMEN IN INTERNATIONAL TAX LAW

Author: Michael lang, walter loukota, markus stefaner

 

 

 

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