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Saturday, July 4, 2015

Income tax last and limited time compliance for undisclosed foreign assets

THE BLACK MONEY (UNDISCLOSED FOREIGN INCOME AND ASSETS) AND IMPOSITION OF TAX ACT, 2015 (referred to here as ‘the Act’) as passed by the Parliament received the assent of the President on the 26th of May 2015. The Act contains provisions to deal with the menace of black money stashed away abroad. It, inter alia, levies tax on undisclosed assets held abroad by a person who is a resident in India at the rate of 30 percent of the value of such assets, provides for a penalty equal to 90 percent of the value of such asset, and also provides for rigorous imprisonment of three to ten years for wilful attempt to evade tax in relation to a undisclosed foreign income or asset.

2. Considering the stringent nature of the provisions of the new law, Chapter VI of the Act, comprising sections 59 to 72, provides for a one-time compliance opportunity for a limited period to persons who have any foreign assets which have hitherto not been disclosed for the purposes of Income-tax. This circular explains the substance of the provisions of the compliance window provided for in the said Chapter VI of the Act.

Scope of compliance window
3. A declaration under the aforesaid chapter can be made in respect of undisclosed foreign assets of a person who is a resident other than not ordinarily resident in India within the meaning of clause (6) of section 6 of the Income-tax Act.

4. A declaration under the aforesaid Chapter may be made in respect of any undisclosed asset located outside India and acquired from income chargeable to tax under the Income-tax Act for any assessment year prior to the assessment year 2016-17 for which he had, either failed to furnish a return under section 139 of the Income-tax Act, or failed to disclose such income in a return furnished before the date of commencement of the Act, or such income had escaped assessment by reason of the omission or failure on the part of such person to make a return under the Income-tax Act or to disclose fully and truly all material facts necessary for the assessment or otherwise.

Rate of tax and penalty
5. The person making a declaration under the provisions of the chapter would be liable to pay tax at the rate of 30 percent of the value of such undisclosed asset. In addition, he would also be liable to pay penalty at the rate of 100% of such tax (i.e., a further 30% of the value of the asset as on the date of commencement of the Act). Therefore, the declarant would be liable to pay a total of 60 percent of the value of the undisclosed asset declared by him. This special rate of tax and penalty specified in the compliance provisions will override any rate or rates specified under the provisions of the Income-tax Act or the annual Finance Acts.

Time limits for declaration and making payment
6. A declaration under the Act can be made anytime on or after the date of commencement of the Act but before a date to be notified by the Central Government. As regards the commencement of the Act, section 1 provides that the Act shall come into force on the 1st of April, 2016. However, section 3 which specifies the charge of tax, lays down that tax shall be charged for every assessment year commencing on or after the 1st day of April, 2016. Hence, under the Act, tax is also chargeable for assessment year 2016-17 for which the relevant previous year is 2015-16. In exercise of its power to remove difficulties under section 86 of the Act, the Central Government by an order has clarified that the Act shall come in to force on 1st July, 2015. Accordingly, the compliance provisions under 
Chapter VI shall also come into force with effect from the date of commencement of the Act i.e. 1st of July, 2015.

7. The Central Government has further notified 30th September, 2015 as the last date for making the declaration before the designated Principal Commissioner or Commissioner of Income Tax (PCIT/CIT) and 31st December, 2015 as the last date by which the tax and penalty mentioned in para 5 above shall be paid. Accordingly, a declaration under Chapter VI in Form 6 as prescribed in the Rules may be made at any time before 30.09.2015. After such declaration has been furnished, the designated Principal CIT/ CIT will issue an intimation in the proforma annexed to the Circular to the declarant by 31.10.15 whether any information in respect of the declared asset had been received by the Competent Authority on or before 30th June 2015, under an agreement entered into by the Central Government under section 90 or 90A of the Income-tax Act. Where any such information had been
received, the declarant shall file a revised declaration in Form 6 excluding such asset. The declarant shall not be liable for any consequences under the Act in respect of, any asset which has been duly declared but has been found ineligible for declaration as the Central Government had prior information on such asset. However, such information may be used under the provisions of the Income-tax Act. The revised declaration shall be filed within 15 days of receipt of intimation from the designated Principal Commissioner /Commissioner i.e. if a declarant has received the intimation on 10th October 2015, he can file a revised declaration on or before 25th October, 2015. However, in all cases, the declarant is required to pay the requisite tax and penalty on the assets eligible for declaration latest by 31.12.2015. After the intimation of payment by the declarant, the Principal CIT/CIT will issue an acknowledgement in Form 7 of the accepted declaration within 15 days of such
intimation of payment by the declarant.

Form for declaration
8. As per the Act, declaration under the chapter is to be made in such form and shall be verified in such manner as may be prescribed. The form prescribed for this purpose is Form 6 which has been duly notified. The table below mentions the persons who are authorized to sign the said form:
S.no.
Status of the declarant
Declaration to be signed by
1
Individual
Individual; where individual is absent from India, person authorized by him; where the individual is mentally incapacitated, his guardian or other person competent to act on his behalf
2
HUF
Karta; where the karta is absent from India or is mentally incapacitated from attending to his affairs, by any other adult member of the HUF
3
Company
Managing Director; where for any unavoidable reason the managing director is not able to sign or there is no managing director, by any director
4
Firm
Managing partner; where for any unavoidable reason the managing partner is not able to sign the declaration, or where there is no managing partner, by any partner, not being a minor
5
Any other association
Any member of the association or the principal officer
6
Any other person
That person or by some other person competent to act on his behalf.


The declaration may be filed with the Commissioner of Income-tax, Delhi. The declaration may also be filed online on the e-filing website of the Income Tax Department using the digital signature of the declarant.

Declaration not eligible in certain cases
9. As per the provisions of section 71 of the Act no declaration under the compliance window can be made in respect of any undisclosed foreign asset which has been acquired from income chargeable to tax under the Income-tax Act for assessment year 2015-16 or any earlier assessment year in the following cases—

(i) where a notice under section 142 or section 143(2) or section 148 or section 153A or section 153C of the Income-tax Act has been issued in respect of such assessment year and the proceeding is pending before the Assessing Officer. For the purposes of declaration under section 59 it is clarified that the person will not be eligible under the compliance window if any notice referred above has been served  upon the person on or before 30th June 2015 i.e. before the date of commencement of
this Act. In the form of declaration (Form 6) the declarant will verify that no such notice has been received by him on or before 30th June 2015.

(ii) where a search has been conducted under section 132 or requisition has been made under section 132A or a survey has been carried out under section 133A of the Income-tax Act in a previous year and the time for issuance of a notice under section 143 (2) or section 153A or section 153C for the relevant assessment year has not expired. In the form of declaration (Form 6) the declarant will also verify that these facts do not prevail in his case.

(iii) where any information has been received by the competent authority under an agreement entered into by the Central Government under section 90 or section 90A of the Income-tax Act in respect of such undisclosed asset. For the purposes of declaration under section 59 it is clarified that the person will not be eligible under the compliance window if any information referred above has been received by the competent authority on or before 30th June 2015 i.e. before the date of commencement of this Act.

A person in respect of whom proceedings for prosecution of any offence punishable under Chapter IX (offences relating to public servants) or Chapter XVII (offences against property) of the Indian Penal Code or under the Unlawful Activities (Prevention) Act or the Prevention of Corruption Act are pending shall not be eligible to make declaration under Chapter VI.

Circumstances where declaration shall be invalid
10. In the following situations, a declaration shall be void and shall be deemed never to
have been made:-

(a) If the declarant fails to pay the entire amount of tax and penalty within the specified date, i.e., 31.12.2015;

(b) Where the declaration has been made by misrepresentation or suppression of facts or information.

Where the declaration is held to be void for any of the above reasons, it shall be deemed never to have been made and all the provisions of the Act, including penalties and prosecutions, shall apply accordingly.

Any tax or penalty paid in pursuance of the declaration shall, however, not be refundable under any circumstances.

Effect of valid declaration
11. Where a valid declaration as detailed above has been made, the following consequences will follow:

(a) The amount of undisclosed investment in the asset declared shall not be included in the total income of the declarant under the Income-tax Act for any assessment year;

(b) The contents of the declaration shall not be admissible in evidence against the declarant in any penalty or prosecution proceedings under the Income-tax Act, the Wealth Tax Act, the Foreign Exchange Management Act, the Companies Act or the Customs Act;

(c) The value of asset declared in the declaration shall not be chargeable to Wealth Tax for any assessment year or years.

(d) Declaration of undisclosed foreign asset will not affect the finality of completed assessments. The declarant will not be entitled to claim re-assessment of any earlier year or revision of any order or any benefit or set off or relief in any appeal or proceedings under the Act or under Income-tax Act in respect of declared undisclosed asset located outside India or any tax paid thereon.
Download Declaration form

Wednesday, July 1, 2015

Income tax return utility ITR-2 in excel and java AY 2015-16

The income tax department notified new ITR-2 income tax utility in both excel and java format for the assessment year 2015-16. Now you can upload income tax return in both online and offline mode.

ITR-2- For Individuals and HUF not having income from business and profession.









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Income tax return utility ITR 2A in excel and java AY 2015-16

The income tax department notified income tax return utility ITR 2A for the assessment year 2015-16. This is the new income tax return form 2A which is introduced first time in income tax return form. The income tax return utility is in excel and java format which you can use both online and offline mode to file income tax return for assessment year 2015-16.

ITR-2A  For individuals and HUF not having income from business and profession and capital gains and who do not hold foreign assets.









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Saturday, June 27, 2015

Income tax 9th amendment rule about nature of business relationship

CBDT issued a notification no. 50/2015 dated 24 June 2015 and amend in income tax rules which is amendment no. 9 this year. This notification is about nature of business relationship. Full notification is as under.

In exercise of the powers conferred by section 295 read with subclause (viii) of Explanation to sub-section (2) of section 288 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following rules further to amend

the Income-tax Rules, 1962, namely:-
1. (1) These rules may be called the Income-tax (Ninth Amendment) Rules, 2015.

(2) They shall come into force on the date of its publication in the Official Gazette.

2. In the Income-tax Rules, 1962, after rule 51, the following rule shall be inserted, namely:-

“51A. Nature of business relationship.— For the purposes of sub-clause (viii) of Explanation
below sub-section (2) of section 288, the term “business relationship” shall be construed as any
transaction entered into for a commercial purpose, other than, –

(i) commercial transactions which are in the nature of professional services permitted to be rendered by an auditor or audit firm under the Act and the Chartered Accountants Act, 1949 (38 of 1949) and the rules or the regulations made under those Acts;

(ii) commercial transactions which are in the ordinary course of business of the company at arm’s length price – like sale of products or services to the auditor, as customer, in the ordinary course of business, by companies engaged in  the business of telecommunications, airlines, hospitals,
hotels and such other similar businesses.”

Thursday, June 25, 2015

Latest FVU version 4.7 e-TDS software free download

Tin.nsdl has launched latest file validation utility FVU version 4.7 e-TDS software. This FVU vesion 4.7 is applicable from 20 June 2015. Tin.nsdl has added many new features in latest fvu version 4.7 which are as under.

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.

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

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

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

o 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.
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Changes in ITR for AY 2015-16and new rule 12

The Rule 12 of the Income-tax Rules was amended vide Notification No. 41/2015, Dated 15-04-2015. The new ITR Forms 1, 2 and 4S were notified for the assessment year 2015-16 vide said notification.

In view of various representations received it was announced that these ITR forms will be reviewed. Having considered the responses received from various stakeholders, new ITR forms have been notified vide Notification No. SO 1660, dated June 22, 2015.

At present individuals and HUFs having income from more than one house property or capital gains are required to file Form ITR 2. It was observed that majority of taxpayers who file Form ITR 2 do not have capital gains. With a view to provide a simplified version of this form for these individuals and HUFs, a new Form ITR 2A is notified which can be filed by an individual or HUF who does not have capital gains, income from business/profession or foreign asset/foreign income.

Further, it shall not be mandatory to furnish details of foreign trips in new Form ITR 2. Only Passport Number, if available, would be required to be furnished in the Form 2.

As regards furnishing of details of the bank accounts in ITR forms, only the IFS Code, account number of all current/savings accounts which are held at any time during the previous year have to be furnished. The balance in accounts will not be required to be furnished. Details of dormant accounts which have not been operational during the last three years are not required to be furnished.

It is further provided in Rule 12 that individuals having exempt income without any ceiling (other than agricultural income exceeding Rs. 5,000) can also file return in Form ITR 1. If taxpayer has agricultural income the return shall be filed in ITR 2 or ITR 2A, as the case may be.

Till assessment year 2014-15, individuals or HUFs, who were otherwise not liable to file return of income electronically, could claim tax refund by filing return of income in physical form. However, Rule 12 as notified on 15-04-2015, has made it mandatory for every taxpayer to file return of income electronically so as to claim refund of tax from the department.

Under the extant Rules all taxpayers including super senior citizen (being an individual of 80 years or more) are required to file return of income electronically, if their total income exceeds five lakh rupees. Now an option has been given to the super senior citizens whose total income exceeds five lakh rupees or who is claiming income-tax refund, to file return of income in physical form, provided return is furnished in ITR- 1 or ITR- 2.

As per the new provision (as notified on 15-04-2015) every individual or HUF whose total income exceeds five lakh rupees or who is required to file return in Form ITR-3 or ITR-4 shall have to file return of income electronically.

If an individual (not being a citizen of India) is in India on a business, employment or student visa purposes and he acquires any asset during the previous year in which he was a non-resident, such asset shall not be required to be reported in Schedule FA – Details of foreign assets and income if no income is derived from that asset during the current previous year.

II. Key changes in new ITR Forms
1. Introduction of ITR 2A
[ITR 2A]
At present individuals/HUFs having income from more than one house property or capital gains are required to file Form ITR-2. It is, however, noticed that majority of individuals/HUFs who file return in Form ITR 2 do not have capital gains. With a view to provide a simplified form for these individuals/HUFs, a new Form ITR 2A has been introduced which can be filed by an individual or HUF who does not have capital gains, income from business/profession or foreign asset/foreign income or have not claimed relief under section 90/90A/91.

ITR 2A includes almost all fields as were contained in ITR 2, except information relating to capital gains, foreign asset/foreign income and relief under section 90/90A/91.

2. Details of all bank accounts held by assessee
[ITRs 1, 2, 2A, 4S]
Under new ITR form, an assessee is required to furnish details of all bank accounts held by him in India at any time during the previous year. However, the new ITR forms notified on June 22, 2015 provide immunity to the taxpayer from furnishing details about the bank accounts which have become dormant.

The 'dormant' account shall be those current and saving bank accounts which have not been operational for more than 3 years.

Following details shall be reported in respect of each bank account held by assessee in India:
  a) IFSC Code of the Bank
  b) Name of the Bank
  c) Name of joint holders (if any) (withdrawn)
  d) Account Number
  e) Account Balance as on 31st March of the previous year (withdrawn)
  f) Nature of the bank account, i.e., current account or saving account

3. Details of foreign travelling shall not be reported, except Passport No.
[ITRs 2, 2A]
If assessee has travelled overseas, the details about such travelling is not required to be furnished in the new return forms. However, the individual should furnish his Passport number, if available.

4. Reporting of Aadhaar Number
[ITRs 1, 2, 2A, 4S]
The ITR forms require assessee to provide his Aadhaar Number (if assessee has obtained the same).

5. Date of Formation by HUF
[ITR 2, 2A, 4S]
In ITR forms, an HUF is required to report date of its formation.

6. Reporting of amount that has remained unutilized in capital gains account
[ITR 2]
If assessee is unable to roll over the investment in new capital asset within the specified time period so as to avail of the exemptions under section 54, 54B, etc., he can deposit the sum in capital gains account scheme.

In that case, exemption to be granted to assessee shall be aggregate of actual investment in new capital asset and amount deposited in capital gains account scheme before due date of filing of return of income.

The amount so deposited in the capital gains account scheme should be utilized for investment in specified asset within specified time-limit, otherwise the unutilized amount shall be chargeable to tax in the previous year in which the time-limit expires. The unutilized amount would be taxable as short-term capital gain/long-term capital gain, depending upon the nature of original capital gain.
In ITR forms, requisite details are required to be provided in respect of amount so deposited in capital gains account scheme.

The details which are required to be provided if amount is deposited in capital gains account scheme are as follows:
  a) Previous year in which asset is transferred
  b) Section under which exemption is claimed
  c) Year in which new asset is acquired
  d) Amount utilized out of capital gains account scheme to acquire new asset
  e) Amount that has remained unutilized in capital gains account scheme or amount which is not used for making investment in specified new asset

7. Return filed pursuant to order of CBDT under Section 119
[ITR 1, 2, 2A, 4S]
For avoiding genuine hardship, by general or special order, the Board may authorize any tax authority other than CIT (Appeals) to admit an application or claim for any exemption, deduction, refund or any other relief after the expiry of the period specified under the Act.

If assessee is filing return of income pursuant to an order of CBDT under Section 119(2)(b), it shall tick the check-box [ under Section 119(2)(b)] introduced in the ITR form.
Generally CBDT extends date of filing of return under Section 119 in cases of natural calamities or when taxpayer faces genuine hardship in certain circumstances. Recently, the due date of filing of return for J&K taxpayers was extended by the CBDT due to devastation caused by flood in J&K.

8. Details of income taxable under DTAA
[ITR 2, 2A]
If capital gain or residuary income of assessee is taxable as per provisions of the DTAA entered into between India and a foreign country, of which the assessee is a resident, following details shall be furnished in the return:
  a) Name of the Country
  b) Relevant Article of the DTAA
  c) Rate of tax under DTAA (applicable in case of residuary income)
  d) Confirmation if TRC has been obtained
  e) Corresponding section of the Act which prescribe the rate of tax (applicable in case of residuary income)
  f) Amount of income
Further, the special tax rate on capital gain or residuary income and tax on such income as per DTAA shall be disclosed separately in Schedule SI.

9. Advance Pricing Agreement – Code for filing modified return withdrawn
[ITR 2]
As per provisions of Section 92CD – Effect of Advance Pricing Agreement ('APA'), where any person has entered into an APA and prior to the date of entering into the agreement any return of income has been furnished under section 139 for any previous year to which such agreement applies, such person shall furnish, within a period of three months from the end of the month in which the said agreement was entered into, a modified return in accordance with the APA.

In the ITR forms notified earlier on April 15, 2015, the taxpayer was required to select the relevant check-box in Part A – Gen [Modified Return - Section 92CD] if modified return was being filed pursuant to an Advance Pricing Agreement.

The check-box for selecting the option of 'Modified Return – Section 92CD' has been withdrawn from ITR 2 as notified on June 22, 2015. Such an option is withdrawn from ITR 2 for the reasons that the taxpayer who enters into an APA will have the business income and in that case, he shall file return of income in ITR 4 only. Similarly, the additional verification clause introduced in the ITR form notified earlier has also been withdrawn.

10. Details about the foreign assets and foreign income
[ITR 2]
If an individual (not being a citizen of India) is in India on a business, employment or student visa purposes and he acquires any asset during the previous year in which he was a non-resident, such an asset shall not be required to be reported in return if no income has been derived from that asset during the current previous year.

The ITR forms seek more details about the foreign assets and income from any source outside India. Schedule FA is substituted which requires assessee to provide detailed information about such foreign assets and income. The additional disclosures in the new ITR form shall be as under:
1) Foreign Bank Account:
  a) Status of account holder (i.e., Owner/Beneficial Owner/Beneficiary)
  b) Date of opening of such bank account;
  c) Interest accrued in the account; and
  d) Details about the interest offered to tax in the return.

2) Financial Interest in a foreign entity:
  a) Nature of financial interest (direct, beneficial ownership or beneficiary) in such entity;
  b) Date since such interest is held;
  c) Income accrued from such interest;
  d) Nature of income; and
  e) Details about the income offered to tax in this return.

3) Foreign Immovable Property or any other capital asset
  a) Whether ownership in such asset is direct or beneficial or as beneficiary;
  b) Date of acquisition of such asset;
  c) Income derived from such asset;
  d) Nature of income; and
  e) Details about the income offered to tax in this return

4) Signing authority in any foreign account
  a) Whether income accrued in such account is taxable in assessee's hands; and
  b) If yes then furnish details about the income offered to tax in this return

5) Trustee or Beneficiary or Settlor in a foreign trust
  a) Date since the position of trustee or beneficiary or settlor held in foreign trust;
  b) Whether income derived from the trust is taxable in assessee's hands; and
  c) If yes, details about the income offered to tax in this return

6) Any other income derived from any source outside India
  a) Country Name and Code;
  b) Name and address of the person from whom income is derived;
  c) Amount of income derived;
  d) Nature of income;
  e) Whether income is taxable in assessee's hands; and
  f) If yes, details about the income offered to tax in this return.

11. Agricultural income
[ITR 2, 2A]
The Schedule EI in ITR forms requires assessee to provide following figures separately:
  a) Gross agricultural receipts
  b) Expenditure incurred on agriculture
  c) Unabsorbed agricultural loss of previous eight assessment years
  d) Net agricultural income for the year.

12. Distinction between heavy and light good carriages removed
[ITR- 4S]
The Finance (No. 2) Act, 2014 amended Section 44AE to remove the distinction between heavy goods carriages and light good carriages. From Assessment Year 2015-16, presumptive income in respect of goods carriages is computed at a uniform rate of Rs. 7,500 per month for any goods carriages.

Therefore, the ITR forms remove the concept of type of goods carriages and to provide for uniform rate of Rs. 7,500 per month for computation of presumptive income of goods carriages.

13. Acknowledgment of details relating to exempt income in ITR-V
[ITRs- 1, 2, 2A, 4S]
Relevant columns have been provided under ITR-V to acknowledge exempt income, inter-alia, agricultural income and other exempt incomes.

14. Concessional tax rate in case of sale of listed securities (other than unit)
[ITR 2]
As per the existing proviso to Section 112, if tax payable on long-term capital gains arising on transfer of a capital asset, being listed securities or units or zero coupon bonds, exceeds 10% per cent of the amount of capital gains before allowing for indexation adjustment, then such excess shall be ignored.

The Finance (No. 2) Act, 2014 amended the said proviso to provide that the concessional rate of tax of ten per cent shall be available only for long-term capital gain arising from transfer of listed securities (other than unit) and zero coupon bonds.

Therefore, consequential amendment is made to ITR forms in accordance with the amendment.

15. Sale of units of business trust
[ITR- 2]
The Finance (No. 2) Act, 2014 introduced a new Chapter XII-FA in the I-T Act to provide for special provisions relating to business trust. The special taxation regime contains provisions for taxability of income in the hands of business trusts and the income distributed to its unit holders.
Consequential amendment is made to Section 10(38) to provide that long-term capital gain arising from transfer of unit of a business trust on which securities transaction tax (STT) is paid shall be exempt from tax.

Similarly, Section 111A has been amended to provide that short-term capital gain arising from transfer of unit of a business trust on which STT is paid shall be chargeable to tax at reduced rate of 15%.

Necessary changes have been made in this regard in the ITR forms.

16. Securities held by FIIs
[ITR 2]
Section 2(14) of the Act was amended by the Finance (No. 2) Act, 2014 to provide that securities held by FIIs shall be deemed as 'Capital Assets'. The amendment was made to end the controversy of categorization of income of FIIs as business income or capital gains.
Consequential changes have been made in ITR forms in this regard.

17. Reshuffling of Schedules
[ITRs 1, 2, 2A, 4S]
The information required to be filed in the following Schedules has been reshuffled:
  a) Schedule BA – Details of Bank Accounts [ITRs 1, 2, 2A, 4S]
  b) Schedule IT – Details of payments of Advance Tax and Self-Assessment Tax [ITR 2]
  c) Schedule TDS1 – Details of Tax Deducted at Source from Salary [ITR 2]
  d) Schedule TDS2 – Details of Tax Deducted at Source on Income [ ITR 2]
  e) Schedule FT – Passport Number. No need to furnish details of foreign travel and expenses incurred during the year. [ITRs 2, 2A]

Wednesday, June 24, 2015

ITR 1 SAHAJ and ITR 4S SUGAM form for assessment year 2015-16

Income tax department made changes in income tax forms for the assessment year 2015-16 and notified new ITR 1 SAHAJ and ITR 4S SUGAM forms for the assessment year 2015-16. These forms are notified both in excel based utility and java platform.

ITR-1 SAHAJ- For individuals having income from salary and interest.

ITR-4S SUGAM- For individuals/HUF having income from presumptive business.


Download ITR 1 SAHAJ IN Excel based utility
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Download ITR 4S SUGAM in excel based utility
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