Changes in New ITR Forms For AY 2015-16

CBDT has notified ITR 1, ITR 2 & ITR 4S for the AY 2015-16 and amended rule 12 which is related to condition of Filling of Income Tax Return.

Changes notified are as follows:

  • E-filing of ITR Mandatory for individuals & HUFs claiming Income Tax Refund : For AY 2015-16 i.e FY 2014-15 ITR 1, ITR 2 & ITR 4S where returned income is greater than 5 Lakhs or where Refund is claimed (except where the person is 80 years or more and filing ITR 1 or 2) and ITR 3, ITR 4, ITR 5, ITR 6 & ITR 7 are mandatorily required to be e-Filed.
  • Relaxation to Super Senior Citizens : Persons who are of  age of 80 years or more and filling ITR 1 or 2 are now allowed to file  ROI in paper form even though their income exceed Rs 5 lakhs.
  • Introduction of EVC for verification of return of income : The Central Board of Direct Taxes (CBDT) has introduced Aadhar card for electronic verification of return of income-tax filed where the assessee will not be required to send ITR-V to CPC. Earlier, after electronic filling of return, the taxpayer has to send a signed copy of ITR-V to CPC. The process will require the e-filer to register his Aadhaar number in the ITR after which the UIDAI database will send an OTP to the registered mobile number of the taxpayer which subsequently will have to be authenticated on the e-filing website.Untitled2
  • Furnishing of Bank Details: 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 the details of closed accounts during the previous year are also mandatorily to be provided.Untitled
  • Detail of Foreign Travel made, if any: Details of foreign travel and expenses incurred during the year by the Assessee (Resident & Non Resident) is required to be disclosed in Schedule FT of ITR.

           Schedule Requires Following Details :-

  1. Passport Number of the Assessee
  2. Place of Issue of Passport
  3. Country visited during the year
  4. Number of times visited
  5. In case of a resident, expenses incurred from own sources, if any, in relation to such travel i.e. other than expenses incurred by the employer or any other person being a sponsor
  • Foreign Asset Disclosure: Following details to be provided
    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-1 & ITR-4s : ITR-1 (SAHAJ) & ITR-4S (Sugam) cannot be filed by individual who has earned any income from source outside India. For this source of income assessee need to file ITR-2 and will have to disclose all the particulars.

 Download ITR-1, 2, 4s and ITR-V for AY 2015-16

ITR-1 (SAHAJ) 

ITR-2

ITR-4S (SUGAM)

 Acknowledgement (ITR-V)