Changes in the Income Tax Return Forms for Assessment year 2015-2016

CBDT in its Notification No. 41/2015 dated 15-Apr-15 has made several changes in Rule 12 of Income Tax Rules, 1962 which is related to Condition of Filing of Income Tax Return. A brief summary of changes is as follows:-

Return filing type	Conditions
E-filing with DSC compulsory if	For ITR-4 or ITR-5 and 44AB audit is applicable and ITR-6 or Political party (ITR-7)
E-return accepted with DSC / EVC / ITR-V	Any other case
Paper return can be filed only if	a) ITR-1, 2 or 4S and b) Total income does not exceed 5 lakh* and c) No Refund is claimed in the return* and d) No Relief u/s 90 to 91 and e) No Foreign Assets and Income and not a Signing Authority in Foreign A/c (in case of resident, other than not ordinarily resident). *Condition (b) and (c) are not applicable to Assessee aged 80 years and above filing ITR-1 or 2.

EVC (“Electronic Verification Code”) means a code generated for the purpose of electronic verification of e-return. EVC will be sent to the registered mobile number of the taxpayer. In such cases, ITR-V filing is not required.

ITR 1& 4S paper return released

CBDT has notified ITR-1, 2 and 4S paper returns for AY 15-16. The e-return schemas for any of the ITRs and ITR-3 to 7 forms are yet to be notified by CBDT.

Many changes have been made in ITR-2 in Schedules of Capital Gains, Other Sources, Foreign Assets, Bank Account Details and other schedules. Further a New Schedule-FT (Details of foreign travel and expenses incurred during the year) is introduced.

Key changes in ITR-1 and 4S:

• Now taxpayer, need to furnish Aadhaar Card Number in ITR.

• Details of all bank accounts held at any time during the year with Bank name, IFS Code, Name of Joint Holder (if any), Account number and Balance as on 31^st March are to be mandatorily provided.