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The ITR for Financial Year 2014-15 or Assessment Year 2015-16 were notified by The Central Board of Direct Taxes (CBDT). There are some changes related to Filing of returns. This article covers about Filing of Income Tax Returns for FY 2014-15 or AY 2015-16

Filing Income tax return for FY 2015-16

A brief summary of Changes are given below. Please note last date for filing Income Tax Returns has been extended from 31 Jul 2015 to 31 Aug  7 Sep 2015 due to delay as Forms were available only on 23  Jun 2015 dropping the controversial provision for mandatory disclosure of foreign trips and dormant bank accounts

  • Provide Aadhaar number if available. If provided one does not have to send ITR-V.
Aadhaar number for ITR

Aadhaar number for ITR

  • A new Form ITR 2A is available which can be filed by an individual or HUF who does not have capital gains, income from business/profession or foreign asset/foreign income. Now taxpayers who own more than one house property but don’t have any capital gains shall file ITR 2A.
  • ITR 2 and ITR 2A – will have only three pages
  • Introduction of Electronic Verification Code(EVC) as option of NOT sending ITR-V to CPC Banaglore. This would use either Aadhaar Number,or Login through Net Banking facility of the person, Digital Signature,Mobile OTP(One time password) Any One of the above methods can be availed by a person filing its income tax return online to avoid sending a physical copy of ITR-V to Bangalore. Our article  E-verification of Income Tax Returns and Generating EVC through Aadhaar, Net Banking explains the process in detail.
  • Providing 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 is mandatory. Even those accounts which are closed during the year for ITR2. Disclosure of details of dormant accounts which are not operational during the last three years has been done away with.
  • For foreign travel details only Passport Number, if available, would be required to be given in Forms ITR-2 and ITR-2A. Details of foreign trips or expenditure thereon are not required to be furnished as shown in image below
  • Passport number for foreign travel in ITR2/ITR2A for FY 2014-15

    Passport number for ITR2 For AY 2015-16

  • Individuals having exempt income without any ceiling (other than agricultural income exceeding Rs 5,000) can now file Form ITR 1 (Sahaj). Similar simplification is also proposed for individuals/HUF in respect of Form ITR 4S (Sugam).
  • An individual, who is not an Indian citizen and is in India on a business, employment or student visa (expatriate), it’s not mandatory to report the foreign assets acquired by him during the previous years in which he was non-resident and if no income is derived from such assets during the relevant previous year

Bank account details being asked currently . Now Income tax department is not asking for dormant accounts and joint holder names  if you compare it with the details that were being asked earlier

Bank account details asked in ITR for AY 2015-16

Bank account details asked in ITR for AY 2015-16

Bank account details being asked earlier in ITR

Bank account details for ITR2  for FY 2014-15

Bank account details for ITR2 for AY 2015-16

ITR for FY 2014-15 or AY 2015-16

One can read  official Notification at Income tax website CBDT  No. 41/2015 Dated 15.04.2015

ITR Forms(pdf) can be downloaded from Income Tax  website http://www.incometaxindia.gov.in/Pages/downloads/income-tax-return.aspx 

Excel and Java Utility for Income Tax AY 2015-16 or FY 2014-15  from https://incometaxindiaefiling.gov.in/ as shown in images below

Click on ITR1 or ITR 4S . Note :ITR 2/ITR2A  is not available for e-filing as on 27 Jun 2015

Down ITR Excel or Java Utility from income tax e filing website

Down ITR Excel or Java Utility from income tax e filing website

Click on Download For Excel or Java utility to download

Download Excel and Java utility for AY 2015-16  from income tax e -filing website

Download Excel and Java utility for FY 2014-15 and AY 2015-16 from income tax e -filing website

Tax slabs for Financial year 2014-15 or Assessment Year 2015-16

Every individual whose total income before allowing deductions under Chapter VI-A of the Income-tax Act, exceeds the maximum amount which is not chargeable to income tax is obligated to furnish his return of income. The maximum amount not chargeable to income tax in case of different categories of individuals is as follows:

TAX MEN and WOMEN SENIOR CITIZEN(Between 60 yrs to 80 yrs) For Very Senior Citizens(Above 80 years)
Basic Exemption 250000 300000 500000
10% tax 250001 to 500000 300001 to 500000
20% tax 500001 to 1000000 500001 to 1000000 500001 to 1000000
30% tax above 1000000 above 1000000 above 1000000
Surcharge 10% of the Income Tax, where total taxable income is more than Rs. 1 crore
Education Cess  3% on Income-tax plus Surcharge.

Videos for e-filing ITR

The video(10 min) by Income tax department giving an overview of the e-filing website,how to register for e-filing, brief introduction to the process of e-filing

A video (14 min) by bemoneyaware on Understanding what is income and Income slabs

What is CBDT?

The Central Board of Direct Taxes (CBDT) is a part of the Department of Revenue in the Ministry of Finance, Government of India.It provides essential inputs for policy and planning of direct taxes in India and is also responsible for administration of the direct tax laws through Income Tax Department. One can read about CBDT at Income Tax webpage Central Board of Direct Taxes

WHAT IS THE ELECTRONIC VERIFICATION CODE?

The electronic verification code comprises a string of characters in the form of a locator number that give a unique identifier to electronic documents.

What is electronic verification code

What is 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:

  1.  Aadhaar Number
  2.  Login through Net Banking facility of the person
  3.  Digital Signature
  4.  Mobile OTP

One of the above methods can be availed by a person filing its income tax return online to avoid sending a physical copy of ITR-V to BangaloreOur article  E-verification of Income Tax Returns and Generating EVC through Aadhaar, Net Banking explains the process in detail.

Changes for Filing ITR for AY 2015-16 or FY 2014-15

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 Income Tax return(ROI) in paper form even though their income exceed Rs 5 lakhs subject to other conditions.

Our article Filling ITR-1 : Bank Details, Exempt Income, TDS Details explains filling ITR1 in detail.

ITR-1

  1. Introduction of furnishing Aadhaar 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.
  3. Individuals having exempt income without any ceiling (other than agricultural income exceeding Rs 5,000) can now file Form ITR 1 (Sahaj).

ITR-2A

At present individuals/HUFs having income from more than one house property and capital gains are required to file Form ITR-2.

A simplified form for these individuals/HUFs, a new Form ITR 2A is proposed which can be filed by an individual or HUF who does not have capital gains, income from business/profession or foreign asset/foreign income.

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
  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 & 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?,
  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.
  7. In schedule FA- Foreign assets disclosure, Following details added.
    1. 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.
    2. 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.
    3. Similar disclosure requirement is also required for Immovable property outside India, capital asset held outside India, trust held outside India

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.

Articles to help you for filing Income Tax Return

This article gave overview of Income Tax for FY 2014-15 or AY 2015-16. While filing income tax return is no rocket science, it takes a little bit of hard work. Even if you get your returns filed by your Chartered Account, other party please make sure you understand what has been filled in, if something is left out.

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