Income Tax for AY 2015-16: Tax slabs, ITR Forms

The ITR for Financial Year 2014-15 or Assessment Year 2015-16 were notified by The Central Board of Direct Taxes (CBDT). There are some changes related to Filing of returns. This article covers about Filing of Income Tax Returns for FY 2014-15 or AY 2015-16

Filing Income tax return for FY 2015-16

A brief summary of Changes are given below. Please note last date for filing Income Tax Returns is 31 Jul 2015.  This is just to give you heads up.

• Aadhaar has to be provided.
• Introduction of Electronic Verification Code(EVC) as option of sending ITR-V to CPC Banaglore. This would use Aadhaar Number.
• Providing Details of all bank accounts with Bank name, IFSC Code, Name of Joint Holder, if any, Account number, Account balance as on 31.03.2015 is mandatory. Even those accounts which are closed during the year. for ITR2

Aadhaar number for ITR as in ITR1

Bank account details for ITR2 for AY 2015-16

One can read  official Notification at Income tax website CBDT  No. 41/2015 Dated 15.04.2015

ITR Forms can be downloaded from Income Tax  website http://www.incometaxindia.gov.in/Pages/downloads/income-tax-return.aspx

Tax slabs for Financial year 2014-15 or Assessment Year 2015-16 

What is CBDT?

The Central Board of Direct Taxes (CBDT) is a part of the Department of Revenue in the Ministry of Finance, Government of India.It provides essential inputs for policy and planning of direct taxes in India and is also responsible for administration of the direct tax laws through Income Tax Department. One can read about CBDT at Income Tax webpage Central Board of Direct Taxes

WHAT IS THE ELECTRONIC VERIFICATION CODE?

The electronic verification code comprises a string of characters in the form of a locator number that give a unique identifier to electronic documents.

What is electronic verification code

Changes for Filing ITR for AY 2015-16 or FY 2014-15

General

1. ITR-1 (SAHAJ) & ITR-4S (Sugam) cannot be filed by individual who has earned any income from source outside India.
2. Introduction of EVC for verification of return of income filed as an option to send ITR-V to CPC, Bangalore.
3. Super Senior citizen are now allowed to file Income Tax return(ROI) in paper form even though their income exceed Rs 5 lakhs subject to other conditions.

Our article Filling ITR-1 : Bank Details, Exempt Income, TDS Details explains filling ITR1 in detail.

ITR-1

1. Introduction of furnishing Aadhaar Card Number in ROI. Which will be used for EVC system introduced as mentioned above.
2. Details of all bank accounts with Bank name, IFSC Code, Name of Joint Holder, if any, Account number, Account balance as on 31.03.2015 mandatorily to be provided. Even those accounts which are closed during the year.

ITR-2

1. Introduction of furnishing Aadhar Card Number in ROI. Which will be used for EVC system introduced as mentioned above.
2. Details of Foreign Travel made if any (For resident and non resident both) includes, Passport No, Issued at, name of country, number of times travelled and expenditure
3. Details of utilization of amount deposited in capital gain account scheme for years preceding to last two assessment years. Particulars asked include year of utilization, amount utilized, amount unutilized lying idle in capital gain account scheme till the date of filing of return of income.
4. In case of LTCG & STCG not chargeable to tax to Non-resident on account of DTAA benefit, It is required to furnish Country name, Article of DTAA, TRC obtained or not?,
5.  For Non-resident, Income from other sources, If any income chargeable to tax at special rate provided in DTAA, It is now required to provide details of Name of Country, Relevant article of DTAA, Rate of Tax, Whether TRC obtained or not?, Corresponding rate of tax under income tax act.
6. Details of all bank accounts with Bank name, IFSC Code, Name of Joint Holder, if any, Account number, Account balance as on 31.03.2015 mandatorily to be provided. Even those accounts which are closed during the year.
7. In schedule FA- Foreign assets disclosure, Following details added.
   1. Foreign Bank accounts details: It is now further require to furnish Account number, account opening date, Interest/income accrued from such account, If any along with details of head of income and schedule under which such income is shown, if offered to tax in India.
   2. In similar manner, details of income from Financial interest in any entity outside India along with details of income offered to tax in ITR-2 from such income.
   3. Similar disclosure requirement is also required for Immovable property outside India, capital asset held outside India, trust held outside India

ITR-4S

1. Introduction of furnishing Aadhar Card Number in ROI. Which will be used for EVC system introduced as mentioned above.
2. Details of all bank accounts with Bank name, IFSC Code, Name of Joint Holder, if any, Account number, Account balance as on 31.03.2015 mandatorily to be provided. Even those accounts which are closed during the year.

• Income Tax Overview
• Income Tax Calculator
• Understanding Income Tax Slabs,Tax Slabs History
• Income Tax articles organized , example articles
  • Understanding Form 16: Part I,
  • E-Filing of Income Tax Return,
  • Filling ITR-1 : Bank Details, Exempt Income, TDS Details
  • Paying Income Tax : Challan 280
  • Understanding Income Tax Notice under section 143(1) 

This article gave overview of Income Tax for FY 2014-15 or AY 2015-16. While filing income tax return is no rocket science, it takes a little bit of hard work. Even if you get your returns filed by your Chartered Account, other party please make sure you understand what has been filled in, if something is left out.

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