CBDT has notified the simplified version of income-tax return forms- ITR-1, ITR-2 and ITR-4S along with new form ITR-2A, for AY 2015-16, after having withdrawn the earlier set of forms notified on April 15, 2015.

The latest new and simplified ITR Forms are finally available here as well as on the income tax site.

In lieu of foreign trip details, newly notified forms seek passport number, “if available”;

New forms exempt disclosure of “dormant” bank accounts details; Further, account balance in bank accounts, now not required to be disclosed.

Expats not required to report foreign asset details, if no income derived from such assets during relevant previous year.

Other disclosure requirements in the newly notified ITR forms largely unchanged vis-à-vis earlier notified forms in April, 2015.

The new ITRs are attached here for ready reference:

Download (PDF, 4.68MB)

Download (PDF, 4.69MB)

Download (PDF, 483KB)

Download (PDF, 853KB)

 

Key Features – File Validation Utility (FVU) version 4.7

  • Incorporation section code 192A and 194LBB:

“192A” & “194LBB” have been added for below forms which will be applicable for statements pertain to FY 2015-16 & Q1 onwards.

Section code 192A will be applicable for Form 26Q.

Section code 194LBB will be applicable only for Form 26Q and 27Q.

For section code “192A”, select “92D” from the dropdown of section code column in Annexure I sheet.

For section code “194LBB”, select “LBB” from the dropdown of section code column in Annexure I sheet.

  • Total Tax deducted amount should be equal to Total Tax Deposited under Deductee details (i.e. Annexure I).
  • Quoting of lower/non deduction certificate number under Deductee details (Annexure I) will be applicable only for below mentioned Section codes:-

192, 193, 194, 194A, 194C, 194D, 194G, 194H, 194-I, 194J, 194LA, 195 and 206C for the statements pertaining to FY 2013-14 onwards.

  • Validations with respect to remark C under deductee details (Annexure I) has been relaxed for section 194LC for the statements pertains to FY 2012-13 onwards (said validation will be applicable only for Form 27Q).
  • This version of FVU will be applicable with effect from June 20, 2015

Key Features – File Validation Utility (FVU) version 2.143

  • Remark “T” (i.e. for transporter transaction and valid PAN is provided) under deductee details (Annexure I) will be applicable from Q3 of FY 2009-10 onwards.
  • (Said validation will be applicable only for Form 26Q).
  • Total Tax deducted amount should be equal to Total Tax Deposited under Deductee details (i.e. Annexure I).
  • This version of FVU will be applicable with effect from June 20, 2015.
 

The Ministry of Finance has issued a press release dated 31.05.2015 stating that Income Tax Return Forms ITR 1, 2 and 4S have been simplified for convenience of the tax payers. It is also stated that as the software for these forms is under preparation and are likely to be available for e-filing by 3rd week of June 2015, the time limit for filing these returns is also proposed to be extended up to 31st August, 2015 (31.08.2015). A separate notification will be issued in this regard.

 

A New Form ITR 2A 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; 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;
As the Software for these Forms is under Preparation, they are likely to be available for e-filing by 3rdweek of june 2015;Time Limit for Filing these Returns is also Proposed to be Extended up to;

Only  Passport Number, if available, would be required to be given in forms Itr-2 and itr-2A. Details of Foreign Trips or Expenditure thereon are not required to be Furnished

Forms ITR 1, 2 and 4S for Assessment Year 2015-16 were notified on 15th April 2015 (15.04.2015). In view of various representations, it was announced that these ITR forms will be reviewed. Having considered the responses received from various stakeholders, these forms are proposed to be simplified in the following manner for the convenience of the taxpayers:-

1) Individuals having exempt income without any ceiling (other than agricultural income exceeding Rs. 5,000) can now file Form ITR 1 (Sahaj). Similar simplification is also proposed for individuals/HUF in respect of Form ITR 4S (Sugam).

2) At present individuals/HUFs having income from more than one house property and capital gains are required to file Form ITR-2. It is, however, noticed that majority of individuals/HUFs who file Form ITR-2 do not have capital gains. With a view to provide for a simplified form for these individuals/HUFs, 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.

3) In lieu of foreign travel details, it is now proposed that only Passport Number, if available, would be required to be given in Forms ITR-2 and ITR-2A. Details of foreign trips or expenditure thereon are not required to be furnished.

4) As regards bank account details in all these forms, 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. The balance in accounts will not be required to be furnished. Details of dormant accounts which are not operational during the last three years are not required to be furnished.

5) An individual who is not an Indian citizen and is in India on a business, employment or student visa (expatriate), would not mandatorily be required to report the foreign assets acquired by him during the previous years in which he was non-resident if no income is derived from such assets during the relevant previous year.

6) As a measure of simplification, it has been endeavoured to ensure that 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.
As the software for these forms is under preparation, they are likely to be available for e-filing by 3rd week of June 2015. Accordingly, the time limit for filing these returns is also proposed to be extended up to 31st August, 2015. A separate notification will be issued in this regard.

The relevant press release is attached here for ready reference:

Download (PDF, 86KB)

 

DUE DATES – JUNE,  2015

05-06-2015 – (if payment done online then 06-06-2015) – Service Tax / Excise Monthly Payment.

07-06-2015 – TDS / TCS payment of the Tax deducted in the month of May, 2015.

10-06-2015 – Excise Monthly Return.

15-06-2015 – PF Monthly Payment.

15-06-2015 – Advance Tax – First Instalment (For Corporate entities.)

20-06-2015 – VAT / CST Monthly Payment and Monthly Return.

21-06-2015 – ESI Monthly Payment.

22-06- 2015 – Due date for issue of TDS Certificate for tax deducted under Section 194-IA in the month of May, 2015.

25-06-2015 – PF Monthly Return.

The same dates can also be viewed on our website

 “www.godhwanni.in” 

throughout the month.

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