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Income Tax Return Forms F.Y 2014-15 – Features

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The Ministry of Finance, Government of India has on 22nd June,2015 notified the new format for submitting Income Tax Returns. The Forms are

Form -SAHAJ ITR-1 – For Individuals having income from salaries, one house property and other incomes like interest

Important  Features of this Form are :

  • It should be noted that this form can be used only when assessee has a single house property, this maybe self occupied or let out.
  • Aadhar Number If available should be given
  • This form cannot be used when there is brought forward loss from house property, income from other source from previous year.
  • This form cannot be used by resident earning income from outside India or having assets located outside India
  • Cannot be used when income includes winning from lottery, race horses, or income from any other heads
  • Details of all bank accounts excluding dormant accounts operated at any time in India during the previous year. Details include IFS Code, Name of Bank, Account No, Savings/Current, If you prefer refund to this account

Form ITR-2A – For Individuals and HUF not having Income from Business or Profession and Capital Gain and who do not hold foreign assets.

  • All individual assesses not using SAHAJ ITR -1 should use this form to file tax return, unless he has income from Business or Profession or Capital Gain or  who holds foreign assets.
  • Aadhar Number If available should be given
  • Detailed breakup of salary into allowances and perquisites now required to be made.
  • Details of Income from outside India and tax paid, relief claimed should be provided
  • Details of all bank accounts excluding dormant accounts operated at any time in India during the previous year. Details include IFS Code, Name of Bank, Account No, Savings/Current, If you prefer refund to this account

Form ITR -2 – For Individuals and HUF not having Income from Business or Profession

Important  Features of this Form are :

  • All individual assesses not using SAHAJ ITR -1 should use this form or Form ITR-2A to file tax return.
  • The Return form has been split into two; the main return and its schedules
  • Aadhar Number If available should be given
  • Detailed breakup of salary into allowances and perquisites now required to be made.
  • Details of Capital Gain in case of  Non Residents
  • Details of Income from outside India and tax paid, relief claimed should be provided
  • Details of Foreign Assets and Income from any source outside India including Foreign Bank A/cs, Financial Interest in any entity , Immovable property held, accounts with signing authority and foreign trusts in which trustee, author or beneficiary
  • Details of all bank accounts excluding dormant accounts operated at any time in India during the previous year. Details include IFS Code, Name of Bank, Account No, Savings/Current, If you prefer refund to this account

How to submit the Income Tax Return ?                                                       The Return Form can be filed with the Income-tax Department in any of the following ways,-

(i) by furnishing the return in a paper form;
(ii) by furnishing the return electronically under digital signature;
(iii) by transmitting the data in the return electronically under electronic verification code;
(iv) by transmitting the data in the return electronically and thereafter submitting the verification ofthe return in Return Form ITR-V

Where the Return Form is furnished in the manner mentioned at 5(iv), the assessee should print out two copies of Form ITR-V.NOTE One copy of ITR-V, duly signed by the assessee, has to be sent by post to – Post Bag No.1, Electronic City Office, Bengaluru-560100, Karnataka. The other copy may be retained by the assessee for his record.

CA. Roshan Thomas

Download the Notification here govt-notifies-simplified-itr

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