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
Who cannot use ITR 1? Persons who have income from
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
Who cannot use ITR 2A? Persons having
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
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!