• eInsights

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

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 :

  1. 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.

  2. Aadhar Number If available should be given

  3. This form cannot be used when there is brought forward loss from house property, income from other source from previous year.

  4. This form cannot be used by resident earning income from outside India or having assets located outside India

  5. Cannot be used when income includes winning from lottery, race horses, or income from any other heads

  6. 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.

  1. 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.

  2. Aadhar Number If available should be given

  3. Detailed breakup of salary into allowances and perquisites now required to be made.

  4. Details of Income from outside India and tax paid, relief claimed should be provided

  5. 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 :

  1. All individual assesses not using SAHAJ ITR -1 should use this form or Form ITR-2A to file tax return.

  2. The Return form has been split into two; the main return and its schedules

  3. Aadhar Number If available should be given

  4. Detailed breakup of salary into allowances and perquisites now required to be made.

  5. Details of Capital Gain in case of  Non Residents

  6. Details of Income from outside India and tax paid, relief claimed should be provided

  7. 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

  8. 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

#incometax #201415 #returnITR #201516 #submitreturn #selectreturn

Our recent posts ....
  • LinkedIn
  • Facebook
  • Twitter

© 2020 Roshan Thomas & Co, is an Indian registered partnership and a member firm of Institute of Chartered Accountants of India. All rights reserved.