CA Amresh Vashisht

1. NOTIFICATION OF NEW ITR FORMS:

CBDT has notified ITR 1, ITR 2, ITR 2A & ITR 4S for AY 2015-16 and amended Rule 12. These forms will substitute the previously notified ITR 1, 2 and 4S forms [Refer Notification No: 49/2015 dated 22/06/2015].

2. RELEASE OF RETURN PREPARATION SOFTWARE:

Software for preparing ITR 1 & ITR 4S in Java, Excel & Online for AY 2015-16 are now available for e-Filing. ITR 1 & ITR 4S can also be filled and submitted online after logging to the e-Filing website. E-filing of ITRs 2 and 2A will be enabled shortly.

3. DUE DATE FOR FILING INCOME TAX RETURNS:

CBDT vide Order u/s 119 dated 10.06.2015 extended the due date for filing return of income for AY 2015-16 for certain classes of taxpayers from 31st July, 2015 to 31st August, 2015.

4. RETURN PREPARATION SOFTWARE

The Income Tax Department has provided free return preparation software in the downloads page as well as facility for online ITR submission for ITR 1 & ITR 4S which are fully compliant with data quality requirements. However, there are commercially available software or websites that offer return preparation facilities as well. In order to improve the data quality received through in ITRs prepared through such commercially available software, various types of validation rules are being deployed in the e-Filing portal so that the data which is being uploaded can be validated to a large extent. Taxpayers are advised to review the same to ensure that the software that is used is compliant with these requirements to avoid rejection of return due to poor data quality or mistakes in the return. Software providers are strictly advised to adhere to these rules to avoid inconvenience to the taxpayers who may use their software.

5. THIRD PARTY UTILITY PROVIDERS TO BE REGISTERED.

A new functionality to facilitate the Third Party Utility Providers for Income Tax Returns to register in e-Filing portal in order to get the Software Provider ID and Digest Value which are required to generate Hash value in ITR Utilities. It may be noted that initially only those software providers whose software have been used to file at least 1000 returns for AY 2014-15 would be considered.

6. SIX YEAR REFUND RETURNS (RECENT 119 Order)  CAN BE FILED ONLINE

If assessee is filing return of income pursuant to an order of CBDT under Section 119(2)(b), it shall tick the check-box [ under Section 119(2)(b)] introduced in the ITR form. (CIRCULAR NO 09/2015Dated : June 9, 2015)

7. SOME SIGNIFICANT POINTS OF THE NEW VERSIONS OF FORMS.

A.     Mandatory e filling for in case of refunds. super senior citizens whose total income exceeds five lakh rupees or who is claiming income-tax refund, to file return of income in physical form, provided return is furnished in ITR- 1 or ITR- 2.

B.      In the ITR-2, for individuals and HUFs having income from business or profession will have to declare about their foreign assets abroad or have income from “any source outside India.

C.      The simplified form, ITR-2A, for those individuals and HUFs who do not have income from either business, profession or by way of capital gains and do not hold foreign assets.

D.      Filers now will have to declare only about the “total number of savings and current bank accounts” held by them “at any time during the previous year (excluding dormant accounts).”

E.       For a person who is not an Indian citizen in India on business, employment or student visa, would not mandatorily be required to report the foreign assets acquired by him during the previous years when he was non-resident and if no income was derived from such assets during the relevant previous year.

F.       Some New Requirements:

1.        IFSC code of the bank

2.       Bank account numbers in which assessee want refund credited.

3.       Aadhaar number

4.       Options for providing two email ids

                        5.       Additional four-page schedule applicable in a case-to-case basis

(About the Author- Author was Member of ICAI- Regional Research Committee 2013-14 and ICAI- Committee For Direct Taxes 2011-12 and can be reached at email amresh_vashisht@yahoo.com or on phone Phone: 0 1 2 1-2 6 6 1 9 4 6. Cell: 9 8 3 7 5 1 5 4 3 2 having office at 1 1 5, Chappel Street, Meerut Cantt, UP, INDIA)

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0 responses to “Income Tax Return Filing Season On! All the Best!”

  1. Rajat says:

    sir ,
    for AY- 2015-2016
    can we file itr after 7 th sep, if so then what are the obligations regarding this
    & also please reply in case of refund also

  2. vswami says:

    A FEED back:

    To join in wishing ‘ALL THE BEST’,-

    OFFHAND (to share one’s own perception/ viewpoints)

    Certain peculiar problems have come to be heard of, as being faced by taxpayers in the matter of e’filing tax return; and the typical one of the kind likely to be confronted with is attempted to be covered below:

    For almost all purposes of the IT Regime, it is the PAN , once applied for and allotted, which is THE ONE and ONLY officially recognized / authoritatively approved ‘dhobi mark’, for fixation of taxpayer’s identity. For that matter, to go by one’s own well thought-out sound reasoning, even the new requirement of proving identity through ‘Aadhar’, lately introduced for certain purposes though, such as e’filing of tax return, thereby avoid the need to send and reach a hard copy of the ack., FORM V, ought not be regarded to be important or given precedence over the undeniable, foolproof extant alternative, being the PAN. In fact, that appears to be the very thinking / rightly underlying / behind the alternative gimmicks of ‘electronic verification’, in place, in the event of an attempt to file, failing using ‘Aadhar’ for the said purpose,- for any reason mainly ‘mismatch’ of any kind.

    Another related point of doubt arising in anyone’s mind, as openly aired in some quarters, is considered below:

    That has something to do with the change in jurisdiction; which could happen for varying reasons/ in circumstances- e.g. traceable to taxpayer such as, change in residential or permanent address, in the categories of ‘income’ to be reported; or suo motu, by the department, particularly with no intimation to taxpayer. Another aspect to be borne in mind is, except for certain purposes, taxpayer is not obliged to directly approach the jurisdictional AO at any given point in time. As, for all routine purposes, in today’s circumstances – ref. is to the nationwide IT networking in place, it is the AO in charge of the CPC, being the one directly in-charge, for purposes of most communications. Strictly speaking, even if a tax return has been filed with last known/or so-told/directed-to AO, personally believe, guided by common sense, it is the normal duty /responsibility of that AO, in case of a change, to see to it that the return is promptly forwarded to the present jurisdictional AO; and do so, for obvious reason, under intimation to assessee.

    Should anyone from among the tax experts at large, in field practice,entertain or been harboring in private, a materially different view but well-reasoned,is invited to share. Even otherwise, will do well to nonetheless try and have the doubts clarified by the Department- ‘the horse’ itself, so to say!

  3. rajiv mangrulkar says:

    what will happen if by chance any bank account out of number of accounts did not get furnished by oversight and not in operation and also not a dormant account. at one end, bank accounts without any details got opened under p.m. yojana, now account numbers and ifsc code details are required to be provided in i.t. returns. will the focus of customer banking will shift to co-operative and rural banks, who do not have online network system like in past manual banking to avoid tax notices

  4. CA Amresh Vashisht says:

    @ Chanchal Rani, REGISTRATBLE MARK
    • Choose your trade mark after making a
    thorough search of market and prior
    registered/ pending applications for
    registration .
    • Search of registered/pending applications
    for registration can be made free of charge
    24 x 7 from website ipindia.Nic.In.

  5. CA Amresh Vashisht says:

    @ Venkataram, Details of all bank accounts held by assessee
    [ITRs 1, 2, 2A, 4S]
    Under new ITR form, an assessee is required to furnish details of all bank accounts held by him in India at any time during the previous year. However, the new ITR forms notified on June 22, 2015 provide immunity to the taxpayer from furnishing details about the bank accounts which have become dormant.
    The ‘dormant’ account shall be those current and saving bank accounts which have not been operational for more than 3 years.
    Following details shall be reported in respect of each bank account held by assessee in India:
    a) IFSC Code of the Bank
    b) Name of the Bank
    c) Name of joint holders (if any) (withdrawn)
    d) Account Number
    e) Account Balance as on 31st March of the previous year (withdrawn)
    f) Nature of the bank account, i.e., current account or saving account

  6. S.SRINIVASAN BABU says:

    SIR

    I AM VERY MUCH HAPPY ABOUT YOUR WISH FOR THE TIME TO START FILE INCOME TAX RETURNS ARE ON AND ALL THE BEST FROM YOU.

    I AM THANK YOU VERY MUCH FOR YOUR WISH SIR & HOPE TO SAME YOU SIR.

    s.srinivasan babu

  7. Venkatraman says:

    Bank accounts in coop banks are 4 digit and there is no IFSC code.Whether computer will accept 4 digits and. Nil IFSC accounts?

  8. chanchal rani says:

    sir, please tell me how can i registerd my trademark and what is the processor for it

  9. Nag says:

    Thanx for the first-hand info … need some further clarification. For example, what is meaning of ‘dormant’ bank account & whether to include bank a/cs held jointly (i.e. as second or third a/c holder).

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