Saturday, April 18, 2015

Reporting Requirements in New ITR Forms for AY 2015-16

[Notification No. 41/2015 Dated 15.04.2015]

Details of Bank Accounts held in India at any time during the Previous Year.

Details of Foreign Assets and Income from any source outside India at any time during the Previous Year:

  • Foreign Bank Accounts.
  • Financial Interest in any Entity.
  • Immovable Property.
  • Any other Capital Asset.
  • Account in which you have signing authority.
  • Trusts, created under the laws of a country outside India, in which you are a trustee, beneficiary  or settler.
  • Any other income derived from any source outside India.
  • Foreign travel and expenses incurred during the year.

The new ITR forms require assessee to provide his Aadhaar Number (if assessee has obtained the same).

New ITR forms requires assessee to provide following figures for Agricultural Income :
Gross agricultural receipts, Expenditure incurred on agriculture, Unabsorbed agricultural loss of previous eight assessment years, Net agricultural income for the year.  

An HUF is required to report date of its formation.

Assessee would be required to enter receipt No. and date of filing of original return where modified return is furnished u/s 92CD.(Section 92CD stated that if any person has entered into APA and return of income u/s 139 is already filed before the agreement is made than modified return should be filed according to APA).

Change is made in ITR of the amendment that LTCG arising from transfer of unit of business trust on which STT is paid shall be exempt from Tax and STCG on which STT is paid shall be chargeable at 15%. 

Change is made in ITR that the concessional tax rate of 10% is only for long term capital gain arising from transfer  of listed securities (other than unit) and zero coupon bonds.   

The Securities held by FIIs shall be deemed as Capital Gains.

Acknowledgment of details relating to exempt Income in ITR-V. 

The assessee is required to fill details of unutilized capital gain on asset transferred during the current and earlier previous years which was deposited in Capital Gains Account Scheme within due date for that year along with details of amount utilized.  

Non-residents are required to fill the details of STCG and LTCG included in its Capital Gain shown in Income Tax Return but not chargeable to tax in India as per DTAA and also to mention the Country Name, Article of DTAA ,and also require to mention whether he has obtained Tax Residency Certificate or not.

From A.Y. 15-16,presumptive income of goods carriage is computed at a uniform rate of Rs 7500 so accordingly changes are made in ITR forms.

If Return filed u/s 119(2)(b), the assessee shall tick the check-box introduced  in new ITR forms. Return shall be treated as valid after the application is submitted by CBDT. 
In Section 119(2)(b)CBDT extends  the date of filing the return if there are genuine circumstances.

7th  Amendment in Rule-12 with effect from 01st day of April,2015 i.e for Asst Year 15-16

Signing authority in any account located outside India.
Income from any source outside India.

How can the Return be Furnished?
1. Mandatory E-Filing with Digital Signature
2. Mandatory E-Filing with or without Digital Signature
3. Paper Filing

E-Filing with Digital Signature

1. Individual or HUF, where accounts not required to be audited  u/s 44AB of the Act and the return is furnished in ITR-3 and ITR-4.

2. The person being resident, other than not ordinary resident:-
Has Assets (including financial interest in any entity) located outside India.
He is signing authority in any account located outside India.
He has income from any source outside India.
Any relief claimed for tax paid outside India u/s 90 or 90A or TDS u/s 91
A person other than of the age of 80 years or more furnishing the return in form ITR-1 or ITR-2
- Having Income over  five lacs in previous Year.
- Any refund is claimed.

3. Firm or LLP, not subject to Audit u/s 44AB and filing Form ITR-5

ITR 1 & 2 in Paper Filing

Paper Filing is allowed only
1. In case of a person above the age of 80 years.
2. In case Income is less than 5 Lacs and no refund is claimed.

Contributed by Ms. Tanya Gagneja (Article Assistant, Sandeep Ahuja & Co.)