Sandeep Ahuja & Co.

Established in the year 1986, we are a leading chartered accountancy firm based in Delhi & NCR rendering comprehensive professional services which include statutory audit, internal audit, direct tax, transfer pricing, GST, bank audit, propriety audit, cost accounting, internal financial controls and risk advisory.

Monday, July 6, 2015

E- Filing of Income Tax Returns for Asst Year 15-16

The Income Tax Department has declared the Forms for E- Filing of Income Tax Returns for Assessment Year 2015-16 from 01.07.2015
Income Tax Return forms 1- SAHAJ, 2, 2A and 4S- SUGAM for AY 2015-16 has been given by the Income Tax Department and e-filing of these return forms has been enabled on the e-filing website-  https://incometaxindiaefiling.gov.in/

 ITR 1-SAHAJ, 2 and 2A can be used by an individual or HUF whose income does not include income from business & Profession.

.ITR 4S- SUGAM can be used by an individual or HUF whose income includes business income which is assessable on presumptive basis.

Taxpayers are requested to e-file their returns early to avoid the rush closer to the last date of filing.

Criteria for selecting the appropriate Income Tax Return Form
There are different forms for filing of Income Tax returns to be filed with income tax department whether Online or Offline. The due date for filing income tax return for the Assessment year 2015-16 is extended up to 31st  August 2015,
There is criteria for selection appropriate form for filing of Income Tax Return by an assessee :

·         An Individual can file ITR-1 if has income from  :
 a) Salary or pension
b) Income from only one House Property whether Self occupied or let out
c) Income from Other Sources.

·         An Individual or HUF can file ITR-2  if income includes income from:
a) Salary or Pension
b) More than one House Property
c) Other Sources  
d) Capital Gain.

·         An Individual or HUF can file ITR-2A  if income includes income from:
a)Salary or  Pension
b)New House property
c) Other Sources
d) Does not include income from Capital Gain
e) Does not include Income from Business or Professional
f) Does not have any asset outside India
g) Does not have any income from outside India
            
However till date Income Tax department has not released other forms for Income tax Returns and as per last year the following forms are yet to be released:

ITR -3 – Return by an Individual or HUF having Business Income as Partner from a firm but their total income does not include any other Business or professional Income

ITR -4 – Return of Income by individual or HUF whose income includes income from Business or Profession.

ITR -5 – Return of Income by a firm having Business Income or income from any other sources.

ITR -6 – Return of Income by a Company

ITR-7 – Return of Income by TRUST, Society or AOP

Obligation to file Income Tax Return

An individual whose total income exceeds the minimum taxable limit ( before allowing deductions under Chapter VI-A of the Income-tax Act)  is under obligation to furnish his return of income.
The maximum amount not chargeable to income tax in case of different categories of individuals is as follows:-
Sl.No.                     Category                                                                                                             Amount (in Rs.)
1              Individuals below the age of 60 years                                                                                          2,50,000
2.             Resident Individuals, above the age of 60 years but less than
                 eighty years.                                                                                                                                    3,00,000
3.              Resident individuals, above  the age of 80 years                                                                      5,00,000

Important Points  to remember before furnishing of  Income tax Return
1)      Furnish Aadhar Card Number in the Income Tax Return but it is not mandatory.
2)      Details of all the Saving and Current Bank Account  with Bank Name, IFSC Code, Name of Joint    Holder if any, Account Number, Type of Account Etc.
Details of dormant accounts not operational for last three years are not required to be furnished.
3)     It is mandatory to furnish Foreign Bank A/C Number and income from financial Interest in any entity outside India,
4)      Details of foreign travelling shall not be reported but Passport No is to be reported.
5)      Date of Formation by HUF is required to be reported.
6)      If Taxpayer has agriculture income exceeding Rs.5000/- the return shall be filed in ITR-2 or ITR-2A as the case may be.
7)      In Case of any refund claim it is mandatory to file return of income by electronically,
8)      Reporting of amount that has remained unutilized in capital Gain and yet to be invested.
9)      Details of Income taxable under DTAA.
10)   Agricultural Income has to be reported in the form as Gross receipt separate and expenses separate and not as net agriculture income.
11)    Distinction between heavy and light good Carriages removed and Computed at a uniform rate of Rs 7500 P.M for any goods Carriage.

Examples for choosing form no.ITR 1/2/2A

Que : If a person is having Salary Income and Income from One House Property which form he has to file ?

Ans :     In case the Assessee has salary income & income from one house property ITR1 shall be filed. But there should not be any capital gain income and the house should not be the newly purchased during the year.

Que : If a person is having Salary Income and Income from more than One House Property which form he has to file ?
Ans : In case the Assessee has salary income & income from more than one house property ITR-2 shall be filed.

Que : If assessee has Income from winning from Lottery which form he has to file in case he has no other income other than income from Salary.

Ans : In case the Assessee has salary income & income from winning of lottery or gambling  ITR-2 shall be filed.

Que : If a person is having Salary Income and Income from agriculture less than Rs.5000/- which form he has to file ?

Ans : In case the Assessee has salary income & income from agriculture less than Rs.5000/- ITR 1 shall be filed.

Que : If a person is having Salary Income and Income from agriculture more than Rs.5000/- which form he has to file ?

Ans : In case the Assessee has salary income & income from agriculture more than Rs.5000/- ITR 2/2A  shall be filed.

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