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 email@example.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)