Pratik Shah
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 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 is 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 ROI in paper form even
though their income exceed Rs 5 lakhs subject to other conditions.
ITR-1
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.
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 nonresident 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 & 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.- 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
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.
(Author is a
Assistant Manager│International Tax with K. C. Mehta & Co., Chartered
Accountants having office in Ahmedabad, (Gujarat) and can be reached at pratik.shah@kcmehta.com)
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