Latest Expert Exchange Queries
sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Service Tax | Sales Tax | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Indirect Tax | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing
Popular Search: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: TAX RATES - GOODS TAXABLE @ 4% :: ARTICLES ON INPUT TAX CREDIT IN VAT :: cpt :: form 3cd :: empanelment :: ACCOUNTING STANDARDS :: VAT RATES :: ACCOUNTING STANDARD :: Central Excise rule to resale the machines to a new company :: TDS :: articles on VAT and GST in India :: due date for vat payment :: list of goods taxed at 4% :: VAT Audit
News Headlines »
 CBDT issues second round of Certificates of Appreciation to tax payers for their contribution towards Nation building
 FinMin looks at cut in corporation tax
 Draft Rules for prescribing the method of valuation of fair market value in respect of the trust or the institution-Chapter XII-EB of the Income-tax Act, 1961- reg.
 India is moving towards a flawed GST
 ICAI to organise two-day international conference in Hyderabad
 Here's how to calculate tax payable on your capital gains
 Income Tax calculations for the financial year 2016-17
 CPE Events 17 October - 22 October 2016
 High Court raps I-T Department for wrong tax demand
  CBDT signs 5 advance pricing pacts with Indian taxpayers
 Finance ministry warns tax officials of action against GST protest

Tax Dept notifies new ITRs
April, 01st 2016

People with an income of more than Rs. 50 lakh per annum and having the pleasure of owning a yacht, aircraft or valuable jewellery will now have to disclose these costly assets with the I-T department notifying a new set of Income Tax Return (ITR) forms for assessment year 2016-17.

Filing for the new forms begins with the onset of the new financial year today.

The Finance Ministry published a gazette order in this regard on March 30 and taxpayers can file their ITRs till the stipulated deadline of July 31.

The Department has introduced a fresh reporting column in the new ITRs (ITR-2 and 2A) called ‘Asset and Liability at the end of the year’ which is applicable in cases where the total income exceeds Rs. 50 lakh. Individuals and entities coming under this income bracket will also have to mention the total cost of such assets.

So, while immovable assets like land and building have to be furnished under the new ITR regime, movable assets like cash in hand, jewellery, bullion, vehicles, yachts, boats and aircraft will also have to be disclosed to the taxman.

The entity reporting these high-value possessions will also have to describe their “Liability in relation” to these items.

“The new reporting mechanisms for people earning over Rs. 50 lakh per annum are made to check tax evasion by high-net worth individuals and entities. While their income returns used to cover this in a way till now, a new exclusive column was essential to keep the taxman informed,” a senior official said.

For the first time, the ITRs, keeping in spirit the government’s flagship agenda of promoting startup businesses has brought out a separate column for earnings made from this sector.

The ITR-2A, to be filled by those individuals and HUFs who do not have income from either business, profession or by way of capital gains and do not hold foreign assets, has the new column called Pass Through Income (PTI) and seeks details from business trust or investment fund as per section 115UA and 115UB of the Income Tax Act (investments made in a venture capital company) which pertains to emerging companies or startup firms.

Finance Minister Arun Jaitley had announced in the recent Budget that startups will get 100 per cent tax exemption for three years.

The respective form, for this year, has hence gone up to eight pages (including annexures) as compared to the same document of 7 pages last fiscal.

The ITR-2, used by similar category of entities but who own foreign assets, also features the new PTI column.

A total of nine such ITRs have been notified which include the Sahaj (ITR—1), ITR—2, ITR—2A, ITR—3, Sugam (ITR—4S), ITR—4, ITR—5, ITR—6, ITR—7 and an acknowledgement form called the ITR—V.

The simplest ITR—1 (Sahaj) for individuals having income from salaries, one house property or other sources, now features an additional column to mention the Tax Collected at Source (TCS) and the form now has 7 pages as compared to the earlier five.

The department has not made any changes in columns seeking declaration of foreign assets and income by entities and individuals and smart features like providing Aadhaar number, personal mobile phone number and email id have been retained.

Furnishing of Passport details has not been made mandatory this time too.

The requirement of furnishing total number of savings and current bank accounts held by the individual or entity, at any time during the previous year, (excluding dormant accounts) has been continued this time too.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2016 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Customer relationship management software CRM software Operational CRM Collaborative CRM

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions