NEW SCHEMA OF ITR-1 (SAHAJ) AND ITR-4S (SUGAM)

Central board of direct tax inserted two new column in ITR -1 and ITR-4S return form which is as follows: -

1. Whether you have Aadhaar No. or not. 

            If assessee provide aadhaar no. in return form then you get a code on your registered mobile no. which is used for electronic verification code (EVC) system. After EVC  assessee have not required to send his ITR-V (Acknowledge) to CPC, Banglore. 

2. Detail of all Bank Accounts held in India during Previous year(Excluding dormant account)

            Bank Accounts Details provided in ITR return form as follows:-

             a) Total No. of Saving and Current account both.

             b) IFS code of Bank.

             c) Name of Bank

             d) Account No.

             e) Type of Account.

Here is two column for Bank account details

One Column for that bank account which is use for refund.

And another column is for all other bank accounts details.

EXTENSION DATE FOR FILING RETURN OF INCOME FOR A.Y. 2015-2016

The Central Board of Direct Taxes, in exercise of powers conferred under section 119 of the Income-tax Act, 1961, hereby extends the 'due-date' for filing Returns of Income, in terms of clause (c) of Explanation 2 to sub-section (1) of section 139 of the Income-tax Act, 1961, for Assessment Year 2015-16 from 31st July, 2015 to 31st August, 2015 in respect of income tax assessees concerned. 

ITR-1 AND ITR-4S AVAILABLE FOR A.Y. 2015-2016

Software for preparing ITR-1 and ITR-4S in Java, Excel and online for A.Y. 2015-2016 are now available for e filing. Assesee may also filed and submitted these forms after logging to the E-filing Website.
For Excel utilities, java version and online filing, kindly open the below link.
CHECK BELOW LINK:-
https://incometaxindiaefiling.gov.in/

INCOME TAX RATE FOR A.Y. 2015-2016 OTHER THAN INDIVIDUAL/HUF

Co-operative Society: -
Where the taxable income does not exceed from Rs. 10000/-                             10% of the income
Where the taxable income exceed Rs. 10000/- but up to Rs.20000/-                  Rs. 1000+ 20% of income
                                                                                                                          in excess of Rs.10000/-
Where the taxable income exceed Rs. 20000/-                                                   Rs. 3000 + 30% of income
                                                                                                                         in excess of Rs. 20000/-

Partnership Firm: -

Income Tax: - 30% of taxable income

Local Authority: -

Income Tax: - 30% of taxable income

Note:- 1. Surcharge on above mentioned assessee: - 10% of the income tax, (where taxable income is more than Rs. 1 Crore (Marginal relief in surcharge, if applicable * See Note mention below)
2. Education Cess 2% and Secondary Higher Education cess 1% on total Income tax plus surcharge.

Domestic Company: -

Income Tax: - 30% of taxable income
Surcharge : -
At the rate of 5% of such income tax, provided that the taxable income exceeds Rs. 1 crore. (Marginal Relief in Surcharge, if applicable)
At the rate of 10% of such income tax, provided that the taxable income exceeds Rs. 10 crores.

Company other than a Domestic Company (Foreign Company): -

1. @ 50% of on so much of the taxable income as consist of 
(a) royalties received from Government or an Indian concern in pursuance of an agreement made by it with the Government or the Indian concern after the 31st day of March, 1961 but before the 1st day of April, 1976; or 
(b) fees for rendering technical services received from Government or an Indian concern in pursuance of an agreement made by it with the Government or the Indian concern after the 29th day of February, 1964 but before the 1st day of April, 1976, and where such agreement has, in either case, been approved by the Central Government.

2. @ 40% of the balance

Surcharge:- At the rate of 2% of such income tax, provided that the taxable income exceeds Rs. 1 crore. (Marginal Relief in Surcharge, if applicable)
At the rate of 5% of such income tax, provided that the taxable income exceeds Rs. 10 crores.

Education Cess @ 2% and Secondary Higher education cess 1% of the total of Income Tax and Surcharge.


Marginal Relief: -
When an assessee's taxable income exceeds Rs. 1 crore, he is liable to pay Surcharge at prescribed rates mentioned above on Income Tax payable by him. However, the amount of Income Tax and Surcharge shall not increase the amount of income tax payable on a taxable income of Rs. 1 crore by more than the amount of increase in taxable income.

USE OF RETURN FORM ITR-2

Who can use this Return Form: -
This Return Form is to be used by an individual or a Hindu Undivided Family whose total income for the includes:-
(a) If income from salary, HP and Other source more then Rs. 50 Lakh.
(b) Income from Salary / Pension; or
(c) Income from House Property; or
(d) Income from Capital Gains; or
(e) Income from Other Sources (including Winning from Lottery and Income from Race Horses).
(f) Agriculture income more then Rs. 5000/-
(g)Income of the person as partner in the firm.

Note: -  Further, in a case where the income of another person like spouse, minor child, etc. is to be clubbed with the income of the assessee, this Return Form can be used where such income falls in any of the above categories.

Person cannot use this Return Form: -
This Return Form should not be used by an individual whose total income includes Income from Business or Profession.

USE OF INCOME TAX RETURN FORM ITR-4 (SUGAM)

Who can use this return form: -
1. Business income computed as per special provision Under section 44AD,44ADA and 44AE of the Act; and,
2. Income from Salary/Pension; or,
3. Income from one House property.(excluding where loss is brought forward from Previous Year.); or,
4. Income from Other sources. (Excluding income from lottery and winning from Race horses); or,

Note:- Further, in case where the another person income like spouse, minor child etc, is to be clubbed with the income of the assesee, this return form can be used only if the income being falls into the above income category.

Person can not use this return form if they have: -
1. Income from more than one house property; or,
2. Income from lottery and winning from Race horse; or,
3. Income under the head "Capital gain"; or,
4. Income from agriculture/exempt income more than Rs. 5000/-; or,
5. Income from speculative business and other special income; or,
6. Income from a profession as referred in section 44AA (1) or income from agency business or income in the nature of commission for brokerage; or
7. Person claiming relief of foreign tax paid under section 90,90A or 91;or
8. Any resident having any assets situated outside India or signing authority in any account located outside India; or
9. Any resident having income from outside india.

Manner of furnishing return of income

FOR INDIVIDUAL/HUF ASSESSEE

1.  Accounts are required to be audited U/s 44AB of IT Act, 1961.

•      Return filed Electronically through Digital Signature.

2. If above (1) is not applicable and,-
a. Return is furnishing in Form No. ITR-3 or ITR-4, or
b. the person, being a resident,other than not ordinarily resident within the meaning of U/s 6(6), has assets(including financial interest in any entity) located outside India; or signing authority of any account situated outside India; or Income source outside India.; or
c.any relief, in respect of tax paid outside India, U/s 90 or 90A or deduction of tax U/s 91 is claimed;  or
d. Individual/ HUF furnishing return Form ITR-1, ITR-2 or ITR-4S (excluding individual of the age 80 Yr. or more during any time of Previous year) with income exceeds Rs. five lakh or refund claimed.

• Return filed electronically through Digital Signature; or
• Return filed electronically through Electronic verification code( see note below); or
• Return filed electronically and send ITR-V to CPC, Bengaluru as prescribed manner.

 FOR COMPANY ASSESSEE

• Return filed electronically through digital signature.

FOR PERSON REQUIRED TO BE FURNISHED ITR-7

1. In case of political party

• Return filed Electronically through Digital Signature.

2. In any other case

• Return filed electronically through Digital Signature; or
• Return filed electronically through Electronic verification code( see note below); or
• Return filed electronically and send ITR-V to CPC, Bengaluru as prescribed manner.

FOR PERSON REQUIRED TO BE FURNISHED ITR-5

1. Accounts are required to be audited U/s 44AB of IT Act, 1961.

• Return filed electronically through digital signature.

2. In any other cases

• Return filed electronically through Digital Signature; or
• Return filed electronically through Electronic verification code( see note below); or
• Return filed electronically and send ITR-V to CPC, Bengaluru as prescribed manner.

Note:- 1. Electronic verification code(EVC), has been include as the new mode to verify E- return. In the EVC mode assessee not need to send ITR-V to CPC, Bengaluru.

For EVC, the Central Board of Direct Taxes (CBDT), the apex policy making body of the IT department, has introduced a new column in the ITRs for 2015-16 where an e-filer can provide his Aadhaar number which will have to be authenticated on the official website of the department via a One Time Password (OTP). 

2. Return filing through paper mode is applicable for individual filed return form ITR-1 or ITR-2 which income less than Rs. Five Lakh or not claiming refund.

3. Refer link :- https://incometaxindiaefiling.gov.in/eFiling/Portal/StaticPDF/notification41_2015.pdf

Who can use of ITR-1 return form (SAHAJ)

Who can use ITR-1 return form: -

1. Income from Salary/Pension; or
2. Income from one house property(excluding case where loss is brought forward from previous year); or
3. Income from other sources (excluding income from race horse and winning from lottery)
Note:- Further, in a case where the income of person like spouse, child, etc. is to be clubbed in the income of assessee, this return can be used if the income clubbed falls in the above income categories.

Who can not use ITR-1 return form: -

1. Income from more than one house property; or
2. Income from winning from lottery and income from race horse; or
3. Income under the head of "Capital Gain"; or
4. Income under the head of " Business and Profession; or
5. Income from agriculture/ exempt income is more than Rs. 5000; or
6. Loss under the head of "Other Sources"; or
7. Person Claiming Relief under section 90 and/or 91; or
8. Any resident having any assets(including financial interest in an entity) located outside India or signing authority in any account located outside india; or
9. Any resident having income from any source outside India.

Income tax slab rate for individual/HUF for A.Y. 2015-2016

For Individual (Male of Female both below age of 60Yr.), HUF,AOP and BOI
Income below 2,50,000                                                           Nil
Income Exceeds 2,50,000 but up to 5,00,000                         10 per cent of the amount by which total                                                                                                         income exceeds Rs. 2,50,000
Income Exceeds Rs. 5,00,000 but up to 10,00,000                  Rs. 25,000 plus 20 percent of the amount
                                                                                                by which income exceeds Rs. 5,00,000
Income Exceed Rs. 10,00,000                                                  Rs. 1,25,000 plus 30 percent of the amount
                                                                                                 by which income exceeds Rs. 10,00,000

For Individual Senior citizens (individual Who is age of 60Yr.. or more nut less then 80Yr.)
Income below 3,00,000                                                           Nil
Income Exceeds 3,00,000 but up to 5,00,000                         10 per cent of the amount by which total                                                                                                         income exceeds Rs. 3,00,000
Income Exceeds Rs. 5,00,000 but up to 10,00,000                  Rs. 20,000 plus 20 percent of the amount
                                                                                                by which income exceeds Rs. 5,00,000
Income Exceed Rs. 10,00,000                                                  Rs. 1,20,000 plus 30 percent of the amount
                                                                                                 by which income exceeds Rs. 10,00,000


For Individual Super Senior Citizen  (individual who is age of 80 yr. or more)
Income below 5,00,000                                                           Nil
Income Exceeds Rs. 5,00,000 but up to 10,00,000                   20 percent of the amount
                                                                                                by which income exceeds Rs. 5,00,000
Income Exceed Rs. 10,00,000                                                  Rs. 1,00,000 plus 30 percent of the amount
                                                                                                 by which income exceeds Rs. 10,00,000

Note:- 1. 10% Surcharge on individual, HUF , AOP, BOI, if total income exceeds Rs. 1 Crore.
2. Education Cess 2% of income tax
3. Secondary & higher Education cess 1% of income tax
4. Tax rebate of Rs. 2000 Under section 87A of income tax Act, 1961 only for individual having total income upto Rs. 5,00,000. (This rebate not for HUF,AOP, BOI.)

Payment through A/C payee Cheque or RTGS/NEFT for transaction in real estate

W.e.f. 01 JUN 2015 any transaction in real estate including agricultural land shall be required to be made through account payee cheque or RTGS / NEFT if it is of Rs.20,000/- or more, only such farmers are free from this if both of them have agricultural income only and not any other income chargeable to income tax i.e. both of them should not have any income like interest/rent/salary etc. even of one rupee, i.e. he should not have even income of one rupee other than only agricultural income. If transaction is done in cash then penalty of an amount equal to such cash transaction will be imposed on seller who accepts cash or refund of advance is made in cash by the seller of property.

Last date of Return filing for individual and HUF

Time Limit for Filing Returns for individual and HUF is also Proposed to be Extended up to 31.08.2015;

About new ITR Form-2A and other other ITR forms

Income Tax Return Forms ITR 1, 2 and 4S Simplified for Convenience of the Tax Payers 

Respected professional colleagues
 

Income Tax Return Forms ITR 1, 2 and 4S Simplified for Convenience of the Tax Payers; 

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 3^rdweek of june 2015; Time Limit for Filing these Returns is also Proposed to be Extended up to 31.08.2015;

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 15^th 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 3^rd week of June 2015. Accordingly, the time limit for filing these returns is also proposed to be extended up to 31^st August, 2015 (31.08.2015). A separate notification will be issued in this regard.

Sources: http://pib.nic.in/newsite/erelease.aspx

SUBMISSION OF RECTIFICATION U/S 154 OF INCOME TAX ACT,1961

Application U/s 154 of Income Tax Act, 1961 submitted at ASK(Ayker seva Kender) counter of your respective Ward and Circle and a system generated ASK acknowledgement given to you. After that your rectification application send to your ward and circle within 3 days.

  

Updation of schema

ITRs schema not updated till the date 26.05.2015

check the link as below

https://incometaxindiaefiling.gov.in