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5 New rules to file income tax returns this year
July, 28th 2015
This year, lots of changes have been made in order to simplify the income tax return forms. In order to curb black money, the department had in the earlier forms asked taxpayers to furnish the details of all their foreign trips, including the expenses incurred on those trips. This attracted a huge backlash, which prompted the department to change the forms again.
  • Representational image File Photo dna Research & Archives

Like every year, the Central Board of Direct Taxes (CBDT) has come up with a required set of forms that a taxpayer is expected to fill while filing his/ her tax returns. This year, lots of changes have been made in order to simplify theincome tax return forms. In order to curb black money, the department had in the earlier forms asked taxpayers to furnish the details of all their foreign trips, including the expenses incurred on those trips. This attracted a huge backlash, which prompted the department to change the forms again.

Let's understand all these changes before you file tax returns this year:

1. Last date extended to August 31: The deadline for filing returns for FY15 has been extended to August 31 from the existing July 31. However, I would strongly suggest that you don't keep it till the last date, especially once all the documents like Form 16/16A and other income details are in place. 

2. Furnishing all bank account details: You have to declare all your bank accounts while filing tax returns. This includes bank accounts held jointly and as a single account holder. You, however, are not required to disclose the details about dormant accounts – accounts that haven't been operational for three years. 

3. Foreign income: The details of any foreign income, including the details of the amount earned and the nature of income or source country need to be submitted.

4. New tax forms: CBDT had notified various changes in the income tax return forms. They are as follows:



ITR-1

ITR 2A

ITR 2

Individuals With Income from:

Individuals and HUF Income from:

 

 

Taxpayers and HUFs with Income from:

 

Salary or pension 

Salary or pension

Salary or pension

More than One house property

 

 

More than One house property

 

 

More than one house property or brought forward losses

Interest on investments 

Other sources, including lottery and race horses

Capital gains; other sources, including lottery and race horses

 



ITR - 3

ITR - 4

ITR – 4S (Sugam)

For partners in firm with Income from

Taxpayers with income from

 

 

For taxpayers with income from:

 

 

Profit of Partnership firm

Proprietorship Business

Presumptive Business

Salary or Pension

More than One house property

Professionals

Foreign Sources/income etc.

Capital gains

Commission/Brokerage

Commission/Brokerage

Other sources, including lottery and race horses

 More than one house property

 More than one house property

 

 Agriculture income > Rs 5000/-

 Agriculture income > Rs 5000/-

 
5. ITR-V copy to CPC office: Unlike earlier, you don't need to sent the ITR-V copy to theCPC office in Bengaluru. This is provided you submit the Aadhar card number or the 10-digit Electronic Verification Code (EVC). The new income tax returns will also have a place for mentioning the Aadhaar card number, which is one of the four ways of verifying the identity of the taxpayer. Those who don't have an Aadhar card or want to use the EVC can still send their ITR-V to the CPC office by post. 

“Rishabh Parakh is a Chartered Accountant and the Chief Gardener & Founder Director of Money Plant Consulting, a leading Tax & Investment Planning Advisory Service Provider. He also runs a personal finance blog called “Mango Investor” aka AAM Niveshak at

 
 
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