Income Tax Department has release new income tax forms for Assessment year 2015-2016 ( financial year 2014-2015). This year new Inome Tax form form 2A has also been introduced for Individuals or Hindu Undivided Family which does not have capital gains or income from business/profession or foreign asset/foreign income, but has income from more than one house property.
The new forms ITR 1 (Sahaj), ITR 2 & 2A and ITR 4S (Sugam) will be used to file returns for the assessment year 2015-16 (for income earned during 2014-15). Individuals having exempt income without any ceiling (other than agricultural income exceeding Rs. 5,000) can now file Form ITR 1 (Sahaj).
It may be noted that the new forms were first notified on April 15, but soon got entangled in a controversy, after which Finance Minister Arun Jaitley ordered a revision of forms.
New Income Tax Forms has brought Major Relief to Tax payers
Under the new forms, in lieu of foreign travel details, it is now proposed that only the passport number, if available, would be required. Similarly, as regards bank account details, only the IFSC code, account number of all the current/savings account held at any time during the previous year will be required. Details of dormant accounts not operational during the last three years are also not required.
Foreign assets In Income Tax Forms
The Ministry said an individual, who is not an Indian citizen and is in India on business, employment or student visa (expatriate), will not mandatory be required to report foreign assets acquired by him during the previous years in which he was non-resident, if no income is derived from such assets during the relevant previous year.
|Usage of Forms||Person||Form No||Instructions|
|For Individuals having
||Individual / HUF||Form 1 / Sahaj|
|3) Income from Other Sources (Excluding Winning from Lottery and Income from Race Horses|
||Individual / HUF||Form 2|
|For Individuals/HUFs1) being partners in firms and2) not carrying out business or profession under any proprietorship||Individual / HUF||Form 3|
|For individuals and HUFs having income from a proprietory business or profession||Individual / HUF||Form 4|
|Sugam – Presumptive Business Income tax Return||Individual / HUF||Form 4S /Sugam|
|For Partnership firms, AOPs and BOIs||Firms, AOPs and BOIs||Form 5||E filing only|
|For Companies other than companies claiming exemption under section 11||Companies||Form 6||E filing only|
|Acknowledgment for filing Income tax Return||ITR V|