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