INCOME TAX RETURN FORM AY 2016-17[PDF] NOTIFIED

CBDT has released New Income Tax return form for assessment year 2016-17.Last year income tax department has released the Final Income tax return form in last week of June ,due to which Income tax return due date has extended and lately due date in audit cases was also extended after the court interference .We have not gone through Income tax forms in detailed but ITR-1 and ITR-2 are more or less is same as it were last year.

However for assessment year 2016-17, the tax department has now included a schedule on asset and liabilities which will have to be filled by individuals and HUFs, or Hindu Undivided Families, where total income exceeds Rs.50 lakh. It has also asked individuals and HUFs to provide details of pass-through income from business trust or investment fund in ITR form 2 and ITR form 2A.

Further Income tax return filing rule has been changed to some extend and now ITR form 4S (for presumptive income ) is now can be filed by Firm and Limited liability firms .

INCOME-TAX (NINTH AMENDMENT) RULES, 2016 - AMENDMENT IN RULE 12 AND SUBSTITUTION OF FORMS SAHAJ (ITR-1), ITR-2, ITR-2A, ITR-3, SUGAM (ITR-4S), ITR-4, ITR-5, ITR-6, ITR-7 AND ITR-V

NOTIFICATION NO. SO 1262(E) [NO.24/2016 (F.NO.370142/2/2016-TPL)], DATED 30-3-2016

In exercise of the powers conferred by section 295 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following rules further to amend the Income-tax Rules, 1962, namely:—

1. (1) These rules may be called the Income-tax (9th Amendment) Rules, 2016.

(2) They shall come into force with effect from the 1st day of April, 2016.

2. In the Income-tax rules, 1962,—

(1) in rule 12,—

(a)

in sub-rule (1),—

(A)		after the word, brackets, figure and letter "sub-section (4E)", the words, brackets, figure and letter "or sub-section (4F)" shall be inserted;
(B)		for the figures "2015", the figures "2016" shall be substituted;
(C)		in clause (ca), after the words "Hindu undivided family", the words "or a firm, other than a limited liability partnership firm," shall be inserted;
(D)		in clause (g), after the word, brackets, figure and letter "sub-section (4E)", the words, brackets, figure and letter "or sub-section (4F)" shall be inserted;

(b)

in sub-rule (5), for the figures "2014", the figures "2015" shall be substituted.

(2) in Appendix-II, for "Forms Sahaj (ITR-1), ITR-2, ITR-2A, ITR-3, Sugam (ITR-4S), ITR-4, ITR-5, ITR-6, ITR-7 and ITR-V", the following forms shall respectively be substituted, namely:—

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1.    Forms Sahaj (ITR-1), 

2.    ITR-2, 

3.    ITR-2A, 

4.    ITR-3, 

5.    Sugam (ITR-4S), 

6.    ITR-4, 

7.    ITR-5, 

8.    ITR-6, 

9.    ITR-7 

10.ITR-V

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