CA Umesh Sharma

CA Umesh SharmaArjuna (Fictional Character): Krishna, in last week Income Tax Department has issued forms for filling Income Tax Return for Financial Year 2014-15. Which are these Forms? What are the important things that must be considered by a common man while filling an Income Tax Return? Also explain the changes made in those Returns compared to previous year?

Krishna (Fictional Character): Arjuna, Income Tax Department has issued forms of income tax return on the basis of income and type of Assesses. Income Tax Department is trying to simplify the forms of income tax return. Every year income tax department issues ITR Forms for previous year. Due to delay in issuing forms this year due date for filling income tax return has been extended from 31st July to 31st August. It is necessary to know which form is required to be filed by the taxpayer and details required to be given in the form. Further taxpayer should know the changes that took place in the forms such as from this year details of agriculture income and expenditure is also required to be given.

Arjuna: Krishna, in which form of taxpayer should file Income Tax Return?

Krishna: Arjuna, Income Tax Department has made ITR forms on the basis of Income of Taxpayer and Type of Taxpayer. Taxpayer should file Return on that basis. Following are the Types of income tax return forms:

1)      ITR 1: ITR 1 is applicable to Individual taxpayers having Income from Salary, Income from one House Property and Income from other sources like Bank Interest.

2)      ITR 2A: From this year Income Tax Department has issued this new form.  ITR 2A is applicable to Individual or HUF’s having income from Salary and Income from one or more House Property. Those taxpayers not having Income from Capital Gains and not having assets in foreign country can file this form.

3)       ITR 2: ITR 2 is applicable to Individual or HUF’s not having Income from Business and Profession. It means taxpayers having Income from Salary, House Property, and Capital Gains and income from other source can file this type of form.

4)      ITR 3: ITR 3 is required to be filed by Individual and HUF being Partners in Partnership firm and are not having income from Business or Profession.

5)      ITR 4: taxpayers having Income from Business or Profession are required to file ITR 4. Details of income from all sources can be given in this form.

6)      ITR 4S: Small businessmen can file ITR 4S by showing Income on Presumptive Basis.

7)      ITR 5: This form is required to be filed by Partnership firms, Association of Persons and LLP.

8)      ITR 6: ITR 6 is required to be filed by Company Taxpayers.

9)      ITR 7: taxpayers registered under section 139 (4 A) to (4 D) i.e. organizations, Charitable Trusts, societies, etc. are required to file ITR 7.

Arjuna: Krishna, in this Year which changes are made in Income Tax Return?

Krishna: Arjuna, importantly, following changes are made in Income Tax Return forms:

1)      Taxpayers are required to provide details of all the Saving and Current Bank   (other than Dormant Account) that means IFSC Code of Bank, Name of Bank, Bank Account Number, Type of Bank Account etc.

2)      If taxpayer is having Aadhar Card number then it is required to be mentioned.

3)      If taxpayer is having Passport number then it is required to be mentioned.

4)      Details of Agriculture Income and Expenditure will have to be given separately. Details of Unabsorbed loss of 8 years from Agriculture are also required to be mention.

Arjuna: Krishna, What due care taxpayer should take while filling Income Tax Return more importantly in case of Agriculture income?

Tea PlantationKrishna: Arjuna, taxpayer should consider following things while filling Income Tax Return. Record of all Agriculture Income and Expenditure is required to be maintained. That means details are required to be given by preparing Trading and Profit and Loss account like businesses and details of unabsorbed loss of 8 years from agriculture will also have to be given e.g. previously if net agricultural income is Rs. 60,000/- then it was mentioned. Now in new form Gross income from agriculture Rs. 1,00,000/- less Expenditure Rs. 40,000/- and net income Rs. 60,000/- will have to be mentioned. Further all evidences of agricultural income and expenditure is required to be maintained. Agriculture income is used for calculation of tax, even though it is tax free. Further Computer Assisted Scrutiny System also select cases for scrutiny on the basis of Agricultural income declared above Rs. 10 Lakhs. Thus now Taxpayers having agriculture income needs to show more details, further ratio of expenses with respect to type of Crop, Land, etc needs to be properly maintained. Also Following things are to be followed while filing Income Tax Return:

1)      Taxpayer should verify Form 26AS that means TDS, TCS, Advance Tax credits.

2)      All bank accounts should be reconciled.

3)      Taxpayer should consider all Income earned and should provide Information of all assets held in the return.

4)      Taxpayer should maintain details of all the investments made and deduction taken u/s 80 of Income Tax Act.

Arjuna: Krishna, What Taxpayer should learn from this?

Krishna: Arjuna, Every Year Government is making changes in the income tax return to get financial information of the taxpayer. So, Income Tax Department gets all the information without any delay. So, now taxpayer should keep his all details up to date and should file Income Tax return before due date. Assessee having agricultural income needs to take special care now otherwise further inquiry may be initiated against him if accurate and justified details of agricultural income, expenses and losses, etc. not disclosed. Earlier net agricultural income details where required to be disclosed, now more details of asked for, hence take care of fallouts.

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