CBDT notifies ITR-1, ITR-2 and ITR-4S for the AY 2015-16


CBDT notifies ITR-1, ITR-2 and ITR-4S for the AY 2015-16
&
Changes in Rule 12 of Income Tax Rules, 1962 related to Conditions of Filing of ITR

CBDT has vide Notification No. 41/2015 dated 15-04-2015 notified Form ITR-1, ITR-2 and ITR-4S for Assessment Year 2015-16 i.e Financial Year 2014-15.

The Notification also made Several Changes in Rule 12 of Income Tax Rules, 1962 which is related to Condition of Filing of Income Tax Return. A brief summary of Changes is as follows :-

General ( Applicable to all ITR forms)

E filing has now been made compulsory in case of Claiming Refund in ITR.

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

Introduction of Electronic Verification Code (EVC) for verification of return of income filed as an option instead of sending ITR-V to CPC, Bangalore. Accordingly the assessee will have the following three options regarding manner of furnishing of returns filed electronically :

(A)   E filing using digital signature; or
(B)  E Filing with electronic verification code (EVC)- no need to send ITR V to CPC; or
(C)  E Filing and thereafter submitting the verification of the return in Form ITR-V to CPC.

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

In case the assesee does not have Aadhar Card Number then the old system of submitting the verification of the return in Form ITR-V to CPC will continue.

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. Details to be provided even for those accounts which have been closed during the year.

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

Changes in ITR-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

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.

In case of LTCG & STCG not chargeable to tax to Non-resident on account of DTAA benefit, It is required to furnish Country name, Article of DTAA, TRC obtained or not?,

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.

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

4 Comments

  • sandhya (#)
    May 7th, 2015

    Hi,
    Could you plz elaborate more about manner of filing?It is not clear as to what should be done after filling up ITR1 by hand.Like what to be sent to IT office and the format.Also how to send ITR1 if aadhar card is present.What is electronic verification newly introduced.

    • ca.aryendra (#)
      May 9th, 2015

      Dear Sandhya,

      1. Filing of ITR 1 by hand: noting is require to done after filing of ITR.
      2. In case of on line filing :
      With digital signature:noting is require to done after filing of ITR.
      without digital signature without adhaar no: same as old practice, duly signed ITR V is required to send banglore.
      Without digital signature with adhar no : you can generate Electronic verification code by mentioning EVC no need to send physical signed ITR V.

  • Abhijeet (#)
    June 15th, 2015

    Hi, I am salaried person. In dec’14, i purchased flat and homeloan EMI started in Feb’2015. I got possession in Mar’15 end. Can I get tax exemption for Feb & Mar hoe loan interest? If yes, pl guide which documents need to submit during ITR filing.

    • ca.aryendra (#)
      June 15th, 2015

      none of the document is required at the time of filing of ITR. During the year you got the possession i.e. in March so for you can claim interest for whole year subject to maximum of 1,50,000/-. you may claim repayment of Principal under section 80 C

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