Tuesday, May 5, 2015

Major Changes introduced in ITR for A.Y. 2015-16 i.e. F.Y. 2014-15

Major Changes in ITR for Assessment Year 2015-16 i.e Financial Year 2014-15 introduced by CBDT ( Central Board Of Direct Taxation) by its vide Notification No. 41/2015 Dated 15.04.2015 in notified Form ITR-1, ITR-2 and ITR-4S

There are also  several change in Rule 12 of Income Tax Rules, 1962 which is related to Condition of Filing of Income Tax Return.
A brief summary of Changes are as follows :-


General

1) ITR-1 (SAHAJ) & ITR-4S (Sugam) cannot be filed by individual who has earned any income from source outside India.

2) Introduction of EVC for verification of return of income filed as an option to send ITR-V to CPC, Bangalore.

3) Super Senior citizen are now allowed to file Return of Income ( ROI  ) in paper form even though their income exceed Rs 5 lakhs subject to other conditions.

Changes in ITR-1 for Assessment Year 2015-16 F.Y. 2014-15:
1) Introduction of furnishing Aadhar Card Number in ROI. Which will be used for EVC system introduced as mentioned above.

2) It is now mandatory to provide details of all bank accounts that you have with Bank name, IFSC Code, Name of Joint Holder, if any, Account number, Account balance as on 31.03.2015.
Very important point to remind is that now it is also mandatory to provide detail of those accounts which are closed during the year in 2014-15.

Changes in ITR-2
1) Introduction of furnishing Aadhar Card Number in ROI. Which will be used for EVC system introduced as mentioned above.

2) Details of Foreign Travel made if any (For resident and non resident both) includes, Passport No, Issued at, name of country, number of times travelled and expenditure- Disclose details of Foreign Travel In Income Tax Return (ITR)

3) Details of utilization of amount deposited in capital gain account scheme for years preceding to last two assessment years. Particulars asked include year of utilization, amount utilized, amount unutilized lying idle in capital gain account scheme till the date of filing of return of income.

4) In case of LTCG ( Long Term Capital Gain ) & STCG ( Short Term Capital Gain ) not chargeable to tax to Non-resident on account of DTAA ( Double Taxation Avoidance Agreements) benefit, It is required to furnish Country name, Article of DTAA, TRC obtained or not?

5) For Non-resident, Income from other sources, If any income chargeable to tax at special rate provided in DTAA, It is now required to provide details of Name of Country, Relevant article of DTAA, Rate of Tax, Whether TRC obtained or not?, Corresponding rate of tax under income tax act.

6) Details of all bank accounts with Bank name, IFSC Code, Name of Joint Holder, if any, Account number, Account balance as on 31.03.2015 mandatorily to be provided. Even those accounts which are closed during the year.- CBDT mandates disclosure of all Bank Accounts in ITR

 7) In schedule FA- Foreign assets disclosure, Following details added.

a) Foreign Bank accounts details: It is now further require to furnish Account number, account opening date, Interest/income accrued from such account, If any along with details of head of income and schedule under which such income is shown, if offered to tax in India.
b) In similar manner, details of income from Financial interest in any entity outside India along with details of income offered to tax in ITR-2 from such income.
c) Similar disclosure requirement is also required for Immovable property outside India, capital asset held outside India, trust held outside India

Changes in ITR-4S

1) Introduction of furnishing Aadhar Card Number in ROI. Which will be used for EVC system introduced as mentioned above.

2) Details of all bank accounts with Bank name, IFSC Code, Name of Joint Holder, if any, Account number, Account balance as on 31.03.2015 mandatorily to be provided. Even those accounts which are closed during the year.

Information collected through CBDT and Thankful to Mr.Amandip Singh who provided me this info. in detail.

0 comments:

Post a Comment

 
Be a Friend Like latestsarkarijobs.in | - Latest Sarkari Jobs | www.latestsarkarijobs.in