Friday 17 April 2015

Income Tax return Amendment

CBDT has notified Income Tax Return Forms SAHAJ (ITR-1), ITR-2 and SUGAM (ITR-4S) for AY 2015-16.
Key changes of new forms are as follows:
  • Aadhaar number to be mentioned in the ITRs
  • New 'Schedule BA : Details of Bank Accounts' introduced. Assessee will now have to disclose details of all bank accounts held during the year (including opened/closed)
  • New 'Schedule FT : Details of Foreign travel and expenses' incurred by the assessee during the year
  • Introduction of EVC for verification of return of income filed as an option to send ITR-V to CPC, Bangalore
Comments:
Earlier even after electronic filing, taxpayers had to post a physical copy of the ITR-V, to the income tax department, Bengaluru within 120 days of filing of return. Under new forms, Taxpayers with Aadhar cards are exempted from submitting their ITR V by post after filing their returns online. This will make the online filing procedure truly paperless. The new ITR forms- ITR 1 (Sahaj), 2 and 4S for FY 2014-15 (assessment year 2015-16) will link your EVC system verified Aadhar Card to the ITR forms and the verification of the return shall take place electronically.
CBDT has also amended Rule 12 of the Income Tax Rules, 1962 expanding the scope of e-filing.
  1. Returns can be furnished in any of the following manner
    1. Electronically under Digital Signature; or
    2. Transmitting the data in the return electronically, under electronic verification code; or
    3. Transmitting the data in the return electronically and thereafter submitting Form ITR-V; or
    4. Paper form
  2. e-Filing NOT mandatory for:
    1. Individuals above 80 years and are furnishing ITR-1 or ITR-2
    2. Individuals/HUF with total income upto five lakhs
  3. Individuals claiming refund should mandatorily e-file the return
  4. Mandatory e-Filing with Digital Signature in the below mentioned cases
    1. Companies
    2. Assessees whose accounts are required to be audited U/s 44AB of the Act;
    3. Political party filing ITR 7
  5. ITR 1 and ITR 4S shall not be applicable to persons, who is a resident and has
    1. Assets (including financial interest in any entity) located outside India
    2. Signing authority in any account located outside India;
    3. Income from any source outside India.
Reference:

http://www.incometaxindia.gov.in/communications/notification/notification41_2015.pdf