Simplified Income Tax Return Form Sahaj ITR-1, ITR-2, ITR-2A & Sugam ITR 4S and Income Tax 8th Amendment Rule i.r.o. IT Return

Income Tax Department has released Income Tax Returns which will have to be filed by Income Tax Assessees on or before 31st August 2015.

Income Tax Returns for the year 2014-15 (Assessment Year 2015-16) were originally notified in the month of April 2015. However, on representations from income tax payers for certain complications in the filing of Income Tax Returns, Govt came forward to revise ITRs after simplifying those.

Click here to read press release issued by Income Tax Department for simplification of Income Tax Returns

Consequently, Income Tax Department has released ITR-1, ITR-2, ITR-2A, and ITR-4S now after simplification.

DOWNLOAD [pdf]
SAHAJ ITR-1 for the Financial Year 2014-15 (Assessment Year 2015-16)	ITR-1 View Download	Instruction ITR1 2015 ENG View Download
ITR-2 for the Financial Year 2014-15 (Assessment Year 2015-16)	ITR 2 View Download	Instruction ITR2 2015 ENG View Download
ITR-2A for the Financial Year 2014-15 (Assessment Year 2015-16).pdf	ITR 2A View Download	Instruction ITR 2A 2015 ENG View Download
SUGAM ITR-4S for the Financial Year 2014-15 (Assessment Year 2015-16)	ITR4S View Download	Instruction ITR4S 2015 ENG View Download
Acknowledgement ITR-V for the Financial Year 2014-15 (Assessment Year 2015-16) View Download

No major change in ITR-1

ITR-1 will be applicable to Salaried Employees having Income or loss from only one house property and without Capital Gains

ITR-2A for Salaried Class with out Capital Gains and more than one House Property

ITR-2A will have to be filed by Salaried Employees who have income or loss from more than one house property and without Capital Gains.

ITR-2 is meant for Salaried Employees who have income or loss from more than one house property and having Capital Gains.

From the Instructions for filing of Income Tax Returns released by IT Department along with ITR, it could be concluded that Majority of Salaried Employees will be covered by ITR-1 and ITR-2A as number of Salaried Employees who have Capital Gains will be very minimal.

The important instructions issued by Income Tax Department for filing Income Tax Returns for the year 2014-15 (Assessment Year 2015-16)

Common Instructions for Filing ITR for the Year 2014-15 (Applicable to ITR-1, ITR-2 and ITR-2A)

1. Applicable for Income Tax Assessment year 2015-16 i.e., Financial Year 2014-15.

2. Income Tax Return Form can be filed with the Income-tax Department in any of the following ways, –

(i)   by furnishing the return in a paper form;

(ii)  by furnishing the return electronically under digital signature;

(iii) by transmitting the data in the return electronically under electronic verification code;

(iv) by transmitting the data in the return electronically and thereafter  submitting the verification of the return  in Return Form ITR-V;

3. From the assessment year 2015-16 onwards any assessee (other than an individual of the age of 80 years or more at any time during the previous year) having a refund claim in the return or having total income of more than five lakh rupees is required to furnish the return in the manner provided at 5(ii) or 5(iii) or 5(iv).

4. Where the Return Form is furnished in the manner mentioned at 5(iv), the assessee should print out two copies of Form ITR-V.  One copy of ITR-V, duly signed by the assessee, has to be sent by ordinary post to Post Bag No. 1, Electronic City Office, Bengaluru–560100 (Karnataka). The other copy may be retained by the assessee for his record.

5. No document (including TDS certificate) should be attached to this Return Form.  All such documents enclosed with this Return Form will be detached and returned to the person filing the return.

6. While filing Paper ITR (Manual filing of ITR) filling out the acknowledgement – ITR-V is neccessary. Only one copy of ITR-V is required to be filed.

Instructions for filing ITR-1

Who can use ITR-1 ?

ITR-1 is to be use by an individual whose total income for the assessment year 2015-16 included:

a) Income from Salary / Pension; or

b) Income from One House Property (excluding cases where loss is brought forward from previous years); or

c) Income from other sources (excluding winning from Lottery and income from race horses)

NOTE : When income  of another   person  like spouse, minor  child, etc. is to be clubbed  with the  income  of the  assessee,   this  Return Form can be used only if the income  being  clubbed  falls into the above  income categories.

Who can not use ITR-1 ?

ITR-1 can not be used  by on individual   whose  total  income  for the assessment   year  2015-16  includes:-

a) Income from  more than  one house  property;   or

(b) Income from Winnings  from lottery  or income from  Race horses;  or

(c) Income  under  the  head  Capital  Goins e.g.,  short-term    capitol  gains  or long-term   capital gains from sale of house,  plot, shopes  etc.; or

(d) Agricultural income  in excess of Rs. 5,000;  or

(e) Income from  Business or Profession;   or

(f) Loss under the  head  “Income  from other  sources” ; or

(h) Any resident having any asset outside India ; or

(i) Any Resident having income from any source outside India.

Instructions for filing ITR-2A

Who can use ITR-2A ?

This Return Form is to be used by an individual or a Hindu Undivided Family whose total income for the assessment year 2015-16 includes:-

(a)   Income from Salary / Pension; or

(b)  Income from House Property; or

(c)   Income from Other Sources (including Winning from Lottery and Income from Race Horses).

Further, in a case where the income of another person like spouse, minor child, etc. is to be clubbed with the income of the assessee, this Return Form can be used where such income falls in any of the above categories.

Who cannot use ITR-2A ?

This Return Form should not be used by an individual or a Hindu Undivided Family whose total income for the assessment year 2015-16 includes,-

(a)   Income from Capital Gains; or

(b)  Income from Business or Profession; or

(c)   Any claim of relief/deduction under section 90, 90A or 91; or

(d)  Any resident having any asset (including financial interest in any entity) located outside India or signing authority in any account located outside India; or

(e)   Any resident having income from any source outside India.

Instructions for filing ITR-2

Who can use ITR-2 ?

This Return Form is to be used by an individual or a Hindu Undivided Family whose total income for the assessment year 2015-16 includes:-

(a)   Income from Salary / Pension; or

(b)  Income from House Property; or

(c)   Income from Capital Gains; or

(d)  Income from Other Sources (including Winning from Lottery and Income from Race Horses).

Further, in a case where the income of another person like spouse, minor child, etc. is to be clubbed with the income of the assessee, this Return Form can be used where such income falls in any of the above categories.

Who cannot use ITR-2 ?

This Return Form should not be used by an individual or a Hindu Undivided Family whose total income for the assessment year 2015-16 includes Income from Business or Profession.

Notification No. 49/2015 [F.No.142/1/2015-TPL] / SO 1660(E) : Income-tax (8th Amendment) Rules, 2015 

NOTIFICATION

Income-tax

S.O. 1660 (E).– In exercise of the powers conferred by section 295 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following rules further to amend the Income-tax Rules, 1962, namely:

1. (1) These rules may be called the Income-tax (8th Amendment) Rules, 2015.

(2) They shall be deemed to have come into force with effect from the 1st day of April, 2015.

2. In the Income-tax rules, 1962,−

(1) in rule 12,−

(a) in sub-rule (1),(I) in clause (a), in the proviso, for clause (III), the following clause shall be substituted, namely: −

“(III) has agricultural income, exceeding five thousand rupees;”;

(II) after clause (b) the following clause shall be inserted, namely:

‘(ba) in the case of a person being an individual not being an individual to whom clause (a) applies or a Hindu undivided family where the total income does not include any income chargeable to income-tax under the heads “Profits or gains of business or profession” and “Capital gains” and to whom the provisions of clause (I) and clause (II) of the proviso to clause (a) does not apply, be in Form No. ITR-2A and be verified in the manner indicated therein;’;

(III) in clause (ca), in the proviso, for clause (III), the following clause shall be substituted, namely: −

“(III) has agricultural income, exceeding five thousand rupees;”;

(b) in sub-rule (4), for the words, brackets, letters and figures “in the manners specified in clauses (i), (iii) and (iv) of sub-rule (3)”, the words, brackets, letters and figures “in the manners (other than the paper form) specified in column (iv) of the Table in sub-rule (3)” shall be substituted.

(2) in Appendix-II, for “Forms SAHAJ (ITR-1), ITR-2 and SUGAM (ITR-4S)” the “Forms SAHAJ (ITR-1), ITR-2, ITR-2A and SUGAM (ITR-4S)” shall be substituted, namely:-

Note.- The principal rules were published in the Gazette of India, Extraordinary, Part-II, Section 3, Sub-section (ii) vide notification number S.O.969(E), dated the 26th March, 1962 and last amended by the Income-tax (7th Amendment) Rules, 2015, vide notification number S.O. No. 1014 (E), dated 15 April, 2015.

To download images of all ITR Form click here for Facebook album

(function(d, s, id) { var js, fjs = d.getElementsByTagName(s)[0]; if (d.getElementById(id)) return; js = d.createElement(s); js.id = id; js.src = “//connect.facebook.net/en_GB/sdk.js#xfbml=1&version=v2.3”; fjs.parentNode.insertBefore(js, fjs);}(document, ‘script’, ‘facebook-jssdk’));