Changes in the Income Tax Return Forms for Assessment year 2015-2016

CBDT in its Notification No. 41/2015 dated 15-Apr-15 has made several changes 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:-

Return filing type Conditions
E-filing with DSC compulsory if For ITR-4 or ITR-5 and 44AB audit is
applicable and

ITR-6 or Political party (ITR-7)

E-return accepted with DSC / EVC / ITR-V Any other case
Paper return can be filed only if

a) ITR-1, 2 or 4S and

b) Total income does not exceed 5
lakh* and

c) No Refund is claimed in the
return* and

d) No Relief u/s 90 to 91 and

e) No Foreign Assets and Income and
not a Signing Authority in Foreign A/c (in
case of resident, other than not ordinarily resident).

*Condition (b) and (c) are not
applicable to Assessee aged 80 years and above filing ITR-1 or 2.

 

EVC (“Electronic Verification Code”) means a code generated for the purpose of electronic verification of e-return. EVC will be sent to the registered mobile number of the taxpayer. In such cases, ITR-V filing is not required.

ITR 1 & 4S paper return released

CBDT has notified ITR-1, 2 and 4S paper returns for AY 15-16. The e-return schemas for any of the ITRs and ITR-3 to 7 forms are yet to be notified by CBDT.

Many changes have been made in ITR-2 in Schedules of Capital Gains, Other Sources, Foreign Assets, Bank Account Details and other schedules. Further a New Schedule-FT (Details of foreign travel and expenses incurred during the year) is introduced.

Key changes in ITR-1 and 4S:

  • Now taxpayer, need to furnish Aadhaar Card Number in ITR.
  • Details of all bank accounts held at any time during the year with Bank name, IFS Code, Name of Joint Holder (if any), Account number and Balance as on 31st March are to be mandatorily provided.

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