CBDT has vide Notification No. 41/2015 Dated15.04.2015 notified Form ITR-1, ITR-2 and ITR-4S for Assessment Year 2015-16 i.e.
Financial Year 2014-15. The Notification also made Several Changes in Rule 12 of Income Tax Rules, 1962 which is related to Condition of
Filing of Income Tax Return.
The different ITR forms for which
the changes have been notified are:
ITR-1(SAHAJ) (For Individuals having income from Salary &
ITR-2 (For individuals & HUF not having income from Business
ITR-4S (SUGAM) (For individuals/ HUF having income from
A brief summary of Changes is as follows:-
· General Changes (applicable on all forms)
It is mandatory for all the income tax filers to have Adhar Card now because of the
introduction of EVC (Electronic Verification Code) for verification of return
2. Details of all bank accounts with
Bank name, IFSC Code, Name of Joint Holder,
if any, Account number, Account balance as on 31.03.2015 mandatorily to be
provided. Even those accounts which are closed during the year.
Introduction of EVC
(Electronic Verification Code) for verification of return of income. This
system will be applicable in the cases where the returns are manually signed
and acknowledgement is sent to Bangalore.
ITR-1 (SAHAJ) & ITR-4S (Sugam) cannot be filed by individual
who has earned any income from any source outside India.
5. Super Senior citizen (aged above
80 years) are now allowed to file ROI
in paper form even though their income exceed Rs 5 lakhs subject to other
conditions (yet to be clarified).
· ITR-2 For Individuals
and HUFs not having Income business or Profession]
Details of Foreign Travel
made if any (For resident and nonresident both) includes, Passport No,
Issued at, name of country, number of times travelled and expenditure- Disclose
details of Foreign Travel In Income Tax Return (ITR)
is required to be filled if the assessee has undertaken any foreign travel
during the previous year. The countries visited and the number of times it was
visited during the previous year is to be filled up. Further, mention the
expenses incurred from own sources of income in such trip i.e. other than
expenses incurred by the employer or any other person being a sponsor.
Requires Following Details:-
Ø Passport Number of
Ø Place of Issue of
Ø Country visited
during the year
Ø Number of times
Ø In case of a
resident, expenses incurred from own sources, if any, in relation to such
Format of Schedule
FT- Details of foreign travel and expenses incurred during the year is as follows :-
visited during the year
of times visited
case of a resident, expenses incurred from own sources, if any, in relation
to such travel
Details of utilization of
amount deposited in capital gain account scheme for years proceeding to last
two assessment years. Particulars asked include year of utilization, amount
utilized, amount unutilized lying idle in capital gain account scheme till the
date of filing of return of income.
In case of LTCG & STCG
not chargeable to tax to Non-resident on account of DTAA benefit, It is
required to furnish Country name, Article of DTAA, TRC obtained or not?,
For Non-resident, Income from other sources, If any income chargeable
to tax at special rate provided in DTAA, It is now required to provide details
of Name of Country, Relevant article of DTAA, Rate of Tax, Whether TRC obtained
or not?, Corresponding rate of tax under income tax act.
In schedule FA- Foreign assets disclosure, following details
Ø Foreign Bank accounts details: location of the country, name and address of the bank, the
account holder’s name and the peak balance maintained in the account during the
year were required to be disclosed earlier; It is now further require to
furnish Account number, account opening date, Interest/income accrued from such
account, If any along with details of head of income and schedule under which
such income is shown, if offered to tax in India.
Ø Financial interests in an entity: country name and code, name and address, and nature of the entity
where the interest is held and the total investment were required to be
disclosed earlier; In similar manner, details of income from Financial interest
in any entity outside India along with details of income offered to tax in
ITR-2 from such income.
Ø Immovable property /other asset: country name and code, location of property/asset and total
investment were required to be disclosed earlier; Similar disclosure
requirement is also required for Immovable property outside India, capital
asset held outside India, trust held outside India
Ø Details of accounts with signing
authority that have not been included in
the above together with the name and address of the institution where the
account is held.