In this post, we are listing some important changes made in Income Tax Return ITR Forms for AY 2014-2015. last date for filing returns is 31-Jul.
- Direct Credit of Tax Refund via ECS – All refunds to be now received via ECS – no refunds via cheques
- 87A rebate – Space added to claim relief under section 87A – Read this to check – if you are eligible to claim Rs 2000
- 80EE deduction – Space added to claim deduction under section 80EE – Read this to check – if you are eligible
- Income from Salary – Allowances – Details of Allowances or Exempt Income under section 10 under the head
- Short Term and Long Term Capital Gains details to be now bifurcated between Immovable Property – Equity Shares or Mutual Funds – Bonds Debentures.
- Detailed information about capital gains exemption claimed – providing details of cost of new house purchased, date of purchase or amount deposited in capital gains savings account scheme
- Details of unclaimed TDS/TCS of past years and amount carried forward to future years
- Intra Head Adjustments: A taxpayer is entitled to set off loss from one source with the income from another source falling within the same head. In the newly prescribed forms, information in respect of intra head loss adjustment is required to be furnished.