CBDT Notifies new Forms – ITR-3, ITR-4, ITR-5 ITR-6 & ITR -7 for A.Y. 2015-16

The Central Board of Direct Taxes has finally notified the much awaited ITR Forms – ITR-3, ITR-4, ITR-5 ITR-6 & ITR -7 for A.Y. 2015-16  vide their notification 61/2015 dated 29 July 2015.

The Income Tax E-Filing website has also hosted the Java utilities online for download. The excel version is not yet available. The changes made in the new Forms are in line with the changes in general made to ITR 1, ITR 2.

The Forms require resident assessee to disclose their Non Resident financial assets and holding. All bank accounts including dormant accounts should also be disclosed.

Now under ITR -3, the personal balance sheet of partner should also be given when his total income exceeds Rs 25,00,000/-

As on 31.07.2015 Java utility of ITR -5 & ITR -6 is not yet hosted on e-filing website.

CA. Roshan Thomas