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New simpler ITR forms for AY 2015-2016 (FY 2014-2015) and last date extended

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ITR-changes

The Finance Ministry on Sunday came out with new three-page simpler income tax return (ITR) forms and also extended the last date of filing to August 31.

Download New ITR Forms for AY 15-16 (FY 14-15)  –  ITR 1, ITR 2, ITR2A, & IYT 4S

http://www.incometaxindia.gov.in/Pages/downloads/income-tax-return.aspx

https://incometaxindiaefiling.gov.in/ ——-  (Right hand side – “Download” section)

Which ITR form to use ?

ITR1 (Sahaj) Only for Individual

This form can be used if you have;

Salary or Pension Income
Income from one house property (excluding cases where loss is brought forward from previous years)
Income from other sources like FD/Shares/NSC etc.,

No business income / no Capital gains
No asset in foreign country or no income from a source outside India
Agricultural income which is less than Rs 5,000
No income from lottery or horse racingITR 2ACan be used by an Individual or Hindu Undivided Family (HUF)

ITR2A can be used if you have;

Salary or Pension Income
Income from multiple house properties
No business income /No Capital gains
Income from other sources like FD/Shares/NSC etc.,
No asset in foreign country or no income from a source outside India
Agricultural income of more than Rs 5,000
Income from lottery or horse racingITR 2Can be used by an Individual or Hindu Undivided Family (HUF)

This form can be used if you have;

Salary or Pension Income
Income under the head ‘Capital Gains’
Income from multiple houses
No business income
An asset in foreign country or income from a source outside India
Agricultural income of more than Rs 5,000
Income from lottery or horse racingITR4SITR4S form can be filed by an Individual or Hindu Undivided Family (HUF). This form can be used if you have;

Income from business
No Capital Gains
Agricultural Income which is less than Rs 5k
No asset in foreign country or no income from a source outside India
Income from one house property

The salaried individuals and those persons who do not have business/professional income are required to file I-T returns in either ITR-1 or ITR-2 by July 31 every year.

Individuals having exempt income without any ceiling (other than agricultural income exceeding Rs 5,000) can now file form ITR 1 (Sahaj).

At present, individuals/HUFs having income from more than one house property and capital gains are required to file form ITR-2.

A new form ITR 2A has been brought out by the Ministry, which can be filed by an individual or HUF, who does not have capital gains, income from business/ profession or foreign asset/foreign income.

Similar simplification is also proposed for individuals/HUF in respect of form ITR 4S (Sugam).

The new forms – ITR 2 and ITR 2A – will have only three pages and other details will have to be filled in schedules, where applicable.

A new form ITR 2A has been brought out by the Ministry, which can be filed by an individual or HUF, who does not have capital gains, income from business/ profession or foreign asset/foreign income.

Changes to Foreign Travel Details requirements

Earlier Proposed form –  To provide details of all foreign visits, including the ones paid by companies.

New Revised Form – In the new forms (ITR 2, ITR 2A) , details regaridng foreign travel is not required. However, only passport number need to be entered if available.

Changes to Bank Account Details requirements

Earlier Proposed form –  To provide details of all banks accounts, IFSC Code, names of joint account holders

New Revised Form –  No disclosure required for Dormant accounts which are not operational during the last three years. Only the IFSC code, account number of all the current/savings account, which are held at any time during the previous year will be required to be filled-up. The balance in accounts will not be required to be furnished.

 

Last date for submitting ITR return form for AY 23015-2016 has been extended to 31st August 2015.

Excel & Java utility of the forms – Form 1, Form 2, Form 2A, Form 4S is now available on the Income Tax department efiling website.

https://incometaxindiaefiling.gov.in/ ——-  (Right hand side – “Download” section)

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Important Links – Must Read

How to File Income Tax return (ITR) online – Step by Step Guide for eFiling

How to quick e-file ITR1 & ITR 4S online for FREE – Step by Step Guide

How to other ITR forms online (using excel upload) for FREE – Step by Step Guide

Income tax slab rates for FY 2014-2015 (AY 2015-2016)

[How to] get Electronic Verification Code (EVC) to e-Verify Income tax return for AY 2015-2016

[How to] View your Form 26AS online – Check Tax Credit Statement

Which ITR form to use for filing IT returns

How to pay balance Income Tax online

 

If you have any queries related to this article or any other personal finance query ( Investment, Taxation etc), please comment below

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About wealth18

The author is a Chartered Accountant and loves to write about Personal Finance, Wealth Management, Taxation etc. Disclaimer - The articles on this website is for informational and knowledge purposes and should not be treated as financial advice, Please consult your financial advisor before taking any investment decision.

13 comments

  1. kailash kumar shaw

    Dear Sir, kindly give me information that section 87A (Rebate Rs. 2000/-) is applicable for the A.Y. 2015-16 for those income is below Rs. 500000/- or not applicable for A.Y. 2015-16.

  2. There is confusion about joint accounts in the new form. I have two joint accounts – one with my parents and another with my wife.
    Do I need to furnish the details of these accounts in my return?

  3. hello sir
    pls write full procedure for efiling itr 1 for AY 2015-16…mention about ITR V required or not

  4. Mr. Jain,
    Hi..I appreciate the content placed on the website..it is really helpful and easy to follow.
    My query is regarding ITR Forms for AY 15-16, I wish to show BFL of Business but there is no such Form available, When can I expect it..
    Thanks for your Time.
    Kind Regards,
    Ankur Agrawal

  5. what are the tax benefits for a small business man.

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