
ITR Notifications

Following are some of the recent income tax amendments/ notifications/ circulars
The income tax department has released revised new forms ITR-1, ITR-2, ITR 4S and ITR –V for the Assessment year 2015-2016.
These are the forms you need to file your Income Tax Returns for the Income earned between April 1st 2014 and March 31st 2015.
The income tax department has released revised new forms ITR-1, ITR-2, ITR 4S and ITR –V for the Assessment year 2015-2016.
These are the forms you need to file your Income Tax Returns for the Income earned between April 1st 2014 and March 31st 2015.
The time limit for filing the returns has been extended up to 31st August, 2015 (31.08.2015). So instead of regular July 31 deadline, the new forms can be submitted till August 31st .
The time limit for filing the returns has been extended up to 31st August, 2015 (31.08.2015). So instead of regular July 31 deadline, the new forms can be submitted till August 31st .
In a corrective measure, the finance ministry on 31st May 2015, came out with a new three-page income tax return (ITR) forms.
These simplified new forms will be available on websites from the third week of June.
For the convenience of the tax payers, the forms are simplified in the following manner:
1. Foreign trips or expenditure details are not required to be furnished. It is now proposed that on forms ITR-2 and ITR-2A, only Passport Number, if available, would be required to be given.
2. ITR 1 (SAHAJ ) to be files by individuals having exempt income without any ceiling (other than agricultural income exceeding Rs. 5,000). Similar simplification is also proposed for individuals/HUF in respect of Form ITR 4S (Sugam).
3.A new Form ITR 2A is proposed which can be filed by an individual or HUF who does not have capital gains, income from business/profession or foreign asset/foreign income.
4.In all the forms, with regards to the bank account details, only the IFS code, account number of all the current/savings account which are held at any time during the previous year will be required to be filled-up.
5.In Form ITR 2 and the new Form ITR 2A, the main form will not contain more than 3 pages, and other information will be captured in the Schedules which will be required to be filled only if applicable.
In a corrective measure, the finance ministry on 31st May 2015, came out with a new three-page income tax return (ITR) forms.
These simplified new forms will be available on websites from the third week of June.
For the convenience of the tax payers, the forms are simplified in the following manner:
1. Foreign trips or expenditure details are not required to be furnished. It is now proposed that on forms ITR-2 and ITR-2A, only Passport Number, if available, would be required to be given.
2. ITR 1 (SAHAJ ) to be files by individuals having exempt income without any ceiling (other than agricultural income exceeding Rs. 5,000). Similar simplification is also proposed for individuals/HUF in respect of Form ITR 4S (Sugam).
3.A new Form ITR 2A is proposed which can be filed by an individual or HUF who does not have capital gains, income from business/profession or foreign asset/foreign income.
4.In all the forms, with regards to the bank account details, only the IFS code, account number of all the current/savings account which are held at any time during the previous year will be required to be filled-up.
5.In Form ITR 2 and the new Form ITR 2A, the main form will not contain more than 3 pages, and other information will be captured in the Schedules which will be required to be filled only if applicable.
The income tax department has released new forms ITR-1, ITR-2, ITR 4S and ITR –V for the Assessment year 2015-2016.
These are the forms you need to file your Income Tax Returns for the Income earned between April 1st 2014 and March 31st 2015.
The income tax department has released new forms ITR-1, ITR-2, ITR 4S and ITR –V for the Assessment year 2015-2016.
These are the forms you need to file your Income Tax Returns for the Income earned between April 1st 2014 and March 31st 2015.
The excel utility of ITR 2 for AY 2014-15 has been released by CBDT. You can download the forms from the below link. The income Tax Department has released new form ITR-2 for the Assessment Year 2014-2015. ITR 1 and ITR 4S has already been released been released. This must be used by individuals/HUF having total income which comprises the following income: The ITR forms can be downloaded from the below link http://www.taxchanakya.com/download_forms.php The income tax department has released new forms ITR-1, ITR-2 and ITR 4S for the Assessment year 2014-2015. These are the forms you need to file your Income Tax Returns for the Income earned between April 1st 2013 and March 31st 2014. You can download the forms from the below link. The central board of direct taxes through notification # 24/2014 dated 01.04.2014 has amended the Rule 12 of income tax rules 1962. With this amendment in Rule 12 of income tax rules 1962, the political parties can file ITR 7 only electronically under digital signature. Up to 2013 to 2014, the partnership firms for whom provision of section 44AB for are not applicable were allowed to furnish the ITR 5 in paper form or return electronically under digital signature, after transmitting the data, ITR V was to be submitted. Now with amendment in Rule 12 of Income tax rules 1962, the following provisions are applicable for the partnership firm under provision of section 44AB. (i)Furnishing the return electronically under digital signature; (ii)Transmitting the data in the return electronically and thereafter submitting the verification of the return in Form ITR-V; Even though, it is said that CPC only accepts IFSC code in uppercase letters, if you have entered IFSC in the lower case in your ITR, you are likely to receive the failure of credit of refund process. The Income Tax Department is requested to implement a small routine in its schema and the templates which shall automatically convert the lower case alphabet to upper case or at least informing the inappropriateness of the lower case IFSC to the tax payer while filing of the Income Tax Returns. Till then, beware to write the IFSC code in upper case for prompt processing and credit of the refund.
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