ITR Notifications

Following are some of the recent income tax amendments/ notifications/ circulars

Revised ITR-1, ITR-2, ITR-2A and ITR-4S forms released by IT Department [Dated 24st June,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.

New filing deadline is now August 31st [Dated 31st ,May,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 .

Simplified IT forms released by IT Department[Dated 31st, May 2015]

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.

IT Department has released ITR-1 ITR-2 ITR-4S ITR-V for A.Y. 2015-16 [Dated 22nd ,April,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.

Union Budget 2015-16 - Key Highlights in Indirect Tax: [Dated 2nd ,March,2015]
  • Service Tax has been increased to 14% against the existing 12.36%.
  • Swachh Bharat Cess at 2% on the value of taxable services, thus increasing the Service Tax to 16%.
  • GST to be implemented from 01.04.2016.
  • Basic Custom duty on certain inputs, raw materials, inter mediates and components in 22 items, reduced to minimize the impact of duty inversion.
  • Time limit for taking CENVAT credit on inputs and input services increased from 6months to 1 year.
  • Service Tax exemption to pre-cold storage for fruits and vegetables.

Union Budget 2015-16 - Key Highlights in Direct Tax: [Dated 2nd ,March,2015]
  • Corporate Tax has been reduced to 25% from 30% over the next 4 years.
  • To curb black money the following was introduced:
  • Evasion of Tax in relation to Foreign Assets to have a punishment of Rigorous imprisonment up to 10 years, be non-compoundable, have a penalty rate of 300% and the offender shall not be permitted to approach the Settlement Commission.
  • Non filing of returns or filing the return with inadequate disclosures to have a punishment of Rigorous imprisonment up to 7 years.
  • Undisclosed income from any Foreign Assets to be taxed at the Maximum Marginal Rate.
  • Mandatory filing of return in respect of Foreign Assets.
  • Concealment of income/Evasion of income in relation to a Foreign Asset to be made a predicate offence under PML Act, 2002.
  • All entities, banks, financial institutions including all individuals are liable for prosecution and penalty.
  • Benami Transactions (Prohibition) Bill is introduced.
  • Acceptance or re-payment of an advance of Rs. 20,000 or more in the form of cash for purchase of immovable property to be prohibited.
  • Furnishing of PAN is mandatory for purchase or sale above Rs. 1 lakh.
  • Tax “Pass through” is to be allowed on both Category I and Category II alternative investment funds.
  • Rationalization of Capital Gains regime for the sponsors exiting at the time of listing of the units of REITs and InvITs.
  • GAAR (General Anti Avoidance Rule) to be deferred by 2 years and will apply to investments made on or after 01.04.2017.
  • Additional Investment Allowance (15%) and additional depreciation (35%) to new manufacturing areas set up during the period from 01.04.2015 to 31.03.2020 in notified backward areas of Andhra Pradesh and Telengana.
  • Rate of tax on Royalty and Fees for Technical Services reduced from 25% to 10% (Sec 115A).
  • Balance of 50% of additional depreciation @ 20% for new plant and machinery installed and used for less than six months by a manufacturing unit or a unit engaged in generation and distribution of power is to be allowed immediately in the next year.
  • NBFC’s whose net worth is more than 500 crores will be deemed to be financial institutions.
  • Wealth tax has been abolished with the introduction of an additional surcharge of 2% on the super-rich whose taxable income is more than Rs. 1 Crore.
  • Domestic transfer pricing threshold limit increased from Rs.5 Crore to Rs.20 Crore.
  • MAT rationalized for FIIs and members of an AOP.
  • Donation made to National Fund for Control of Drug Abuse (NFCDA) to be eligible or 100% deduction u/s 80G of Income-tax Act.

Single Window Website for Income Tax Payers to be launched by Finance Minister. [Dated 22nd,September,2014]
Finance Minister Arun Jaitley will launch an updated version of the existing website of Income Tax Department today to enable taxpayers to file easily their I-T returns or apply for a PAN card. The updated version of the existing website of the Income Tax department– www.incometaxindia.gov.in– will now be acting as a single window for all activities and online services offered by the I-T department.

CBDT releases excel utility of ITR-2 Form for A.Y. 2014 -15. [Dated 15th ,June,2014]

The excel utility of ITR 2 for AY 2014-15 has been released by CBDT.

You can download the forms from the below link.

http://www.taxchanakya.com/download_forms.php

I-T Department has released ITR 2 Form for Assessment year 2014 -2015[Dated 17th May,2014]

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:

  • 1. Income from Salary / Pension.
  • 2. Income from House Property
  • 3. Income from Capital Gains
  • 4. Income from Other Sources (including income from Winning from Lottery and Race Horses)

The ITR forms can be downloaded from the below link

http://www.taxchanakya.com/download_forms.php

 

I-T Department has released new forms for Assessment year 2014 -2015[Dated 2nd April,2014]

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.

http://www.taxchanakya.com/download_forms.php

Political parties must efile their returns wef A.Y 2014 - 2015 [Dated 1st April, 2014]

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.

All partnership firm must file ITR 5 electronically w.e.f to A.Y. 2014 to 2015. [Dated 1st April, 2014]

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.

  • Partnership Firm who are required to get Audited under Section 44AB can file ITR 5 return only electronically under digital signature.
  • Partnership Firm who are required to get Audited Under Section 44AB can submit the return in any of the following mode.

(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;

ITRV has to be sent by speedpost[Dated 31st March,2014]
If you are filing online your Income Tax return, the paper copy of the ‘ITRV’ should only be sent through “speed post” to the Central Processing Centre (CPC) of the department in Bengaluru. ITR-V or ‘Income Tax Return Verification’ form is issued as an acknowledgement to returns filed online.

I-T Refund will not be processed by CPC if IFSC code not filled in Upper Case in ITR[Dated 05st Feb,2014]

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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