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Download New Income Tax Return Forms, 2015 – H&R Block India

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Download New Income Tax Return Forms, 2015 – H&R Block India

 

New ITR Forms 2015

The government has finally notified the new ITR forms for filing income tax returns for the Assessment Year 2015-16. As per the notification by the government there will be minor changes in the applicability of ITR 1 SAHAJ form, ITR 2 and a new form ITR 2A will be introduced.

ITR forms released earlier this year had invited a lot of criticism from all corners. The long list of details like foreign travel details, list of bank accounts with balance in accounts etc. was a major reason to draw negative feedback. The new forms are much more simplified and call for less details from tax payers. We have listed the conditions for applicability of these forms below.

Form ITR 1 – SAHAJ is applicable to persons having

  • Income from salary or pension
  • Income from one house property (excluding where loss is brought forward from previous years)
  • Income from other sources (excluding winnings from lottery and income from race horses)
  • Agricultural income less than Rs. 5,000

Who cannot use ITR 1? Persons who have income from

  • Lottery winnings and race horses
  • Income from more than one house property
  • Income from capital gains
  • Income from business profession
  • Loss from other sources
  • Income from foreign assets or income from a source outside India

Earlier ITR 1 was not applicable to many tax payers since there was a condition that if you earn exempt income more than Rs. 5,000 then you cannot file your income tax returns using this form. Since most salaried individuals earn exempt income in form of HRA, conveyance allowance or other allowances they were filing form ITR 2.

The new Form ITR 2A is applicable to persons having

  • Income from salary/pension
  • Income from more than one house property
  • Income from other sources including winnings from lottery and race horses

Who cannot use ITR 2A? Persons having

  • Income from business/profession
  • Income from capital gains
  • Any claim of relief/deduction under section 90, 90A or 91; or
  • Any asset (including financial interest in any entity) located outside India or signing authority in any account located outside India; or
  • Income from any source outside India

Hence now ITR 2A will be mostly applicable to people earning salaried income and who have more than one house property and have brought forward losses or loss from other sources.

Form ITR 2 will now be applicable to persons having

  • Income from salary/pension
  • Income from more than one house property
  • Income from capital gains
  • Income from other sources including income from winnings, races and lottery

Who cannot use ITR 2?

Persons having income from business or profession.

ITR 2 contains a lot of schedules that are a part of the form and need to be filled up only if they are applicable. These schedules are primarily details of computation of income from various heads of income. Hence the tax filer needs to fill up only those that are applicable to him.

Form ITR 2A and ITR 2 will have a separate space for passport number of the tax filer with the words “if available”. Hence the government has provided a big relief to frequent foreign fliers from giving out details of their travel. This form will also have a column for IFS code of the bank in the bank details table.

These new ITR forms are applicable from the assessment year 2015-16 and to be used for tax filing. The honourable finance minister has made tax filing much easier and quick with these forms since these are easy to fill and way shorter than the earlier forms. ITR 1 will now be applicable to most persons and it is the easiest and shortest form to be filled. Hence this is definitely a reason to cheer for tax filers!

HRBlockIndia
HRBlockIndia
H&R Block India strives to blend tax expertise with a strong focus on continually improving the client experience to provide all its clients with an unparalleled value proposition for filing their Income Tax Online.

1 Comment

  1. […] a cheque. To prevent misappropriation of your refund, your bank account number as mentioned in your tax return form is written over the refund […]

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