ITR 2A: Newly introduced Form applicable from AY 2015-16 onwards

The Income Tax Department has introduced a new category of Form i.e. ITR Form 2A. Similar to ITR Form 1, ITR 2A can be filed by a person earning Income only from Salary or House Property or Other Sources.

The main difference between ITR Form 1 and ITR 2A is that ITR Form 1 cannot be used if a person has income from more than 1 house property whereas ITR 2A can be used if a person has Income from more than 1 House Property.

There are several other minor differences as well between ITR 1 and ITR 2A for which you can refer this article: All about New ITR 2A

ITR 2A can be downloaded from here:-

• Download ITR 2A in PDF Format for Physical Filing in 2015

ITR Form 1- Sahaj: For Salaried Individuals

ITR Form 1 (Sahaj) can be used by the following class of Individuals for the Financial Year 2014-15 i.e. Assessment Year 2015-16 who’s Total Income includes

1. Income from Salary/Pension or
2. Income from 1 House Property (excluding cases where loss is brought forward from previous year)
3. Income from Other Sources (excluding Winning from Lottery and Income from Horse Race)

This Income Tax Form (ITR Form) shall not be used by the following class of Individuals whose Total Income includes

1. Income from more than 1 House Property, or
2. Income from Winning from Lottery or Income from Horse Race, or
3. Income from Capital Gains which are not exempt from Tax. For eg: Short Term Capital Gains from Sale of Shares, Short Term or Long Term Capital Gains from the sale of House, Plot etc.,or
4. Income from Agriculture in excess of Rs 5000, or
5. Any exempted income in excess of Rs. 5000, or
6. Income from Business or Profession, or
7. Loss under head Other Sources

This ITR 1 Form can also not be used by a taxpayer who is claiming any double taxation relief under Section 90/ 90A/ 91.

Download

• ITR 1: PDF File for Physical Filing in 2015
• ITR 1: Java File for Online Filing in 2015
• ITR 1: Excel Utility for Online Filing in 2015

Recommended Read:-

• All about furnishing ITR 1 Form in 2015

Computation of Tax on Salary Income

Submission of ITR Forms

All taxpayers having income more than Rs. 5 Lakhs are now mandatorily required to submit their income tax form online. Those taxpayers with income below Rs. 5 Lakhs can either submit their income tax form online or can submit the physical forms as well.

• Recommended Read: Compulsory online filing of Income Tax Form if Income is more than Rs. 5 Lakhs

No Document (eg: Form 16 / Form 16A/ Form 16B/ Form 26AS etc) is required to be attached with the ITR. In case the taxpayer is filing the Income Tax Returns online without using Digital Signature, the taxpayer shall take a print of ITR-V, duly sign the same and send to the following address within 120 days of filing the Income Tax Return Online by ordinary post to:-

“Post Bag No. 1, Electronic City Office, Bangaluru – 560100, Karnataka”

• Recommended Read: Procedure for sending ITR V Acknowledgement

A taxpayer having a Aadhar Card is not required to send ITR-V Acknowledgement to the above mentioned office. He is only required to mention the Aadhar Card No. in the Income Tax Return.

The following are the different types of ITR Forms which can be filed by a taxpayer depending on his type of income:-

1. ITR 1
2. ITR 2A
3. ITR 2
4. ITR 3
5. ITR 4
6. ITR 4S
7. ITR 5

ITR Form: Which Income Tax Form should you submit in 2015 ?

ITR Form have been released by the Income Tax Department for Financial Year 2014-15 i.e. Assessment Year 2015-16. There are different ITR Forms (Income Tax Forms) for Different categories of taxpayers and the same has been explained below.

Each type of ITR Form is in 3 Formats – Excel Utility, new Java ITR Utility and PDF File. Taxpayers opting for efiling of Income Tax Returns are requested to use the Java ITR Utility or the Excel Utility and taxpayers opting for Physical Filing of ITR shall download and print the PDF File and physically submit the same after completing all relevant particulars.

• Recommended Read: Income Tax Slab Rates

Submission of ITR Forms

All taxpayers having income more than Rs. 5 Lakhs are now mandatorily required to submit their income tax form online. Those taxpayers with income below Rs. 5 Lakhs can either submit their income tax form online or can submit the physical forms as well.

• Recommended Read: Compulsory online filing of Income Tax Form if Income is more than Rs. 5 Lakhs

No Document (eg: Form 16 / Form 16A/ Form 16B/ Form 26AS etc) is required to be attached with the ITR. In case the taxpayer is filing the Income Tax Returns online without using Digital Signature, the taxpayer shall take a print of ITR-V, duly sign the same and send to the following address within 120 days of filing the Income Tax Return Online by ordinary post to:-

“Post Bag No. 1, Electronic City Office, Bangaluru – 560100, Karnataka”

• Recommended Read: Procedure for sending ITR V Acknowledgement

A taxpayer having a Aadhar Card is not required to send ITR-V Acknowledgement to the above mentioned office. He is only required to mention the Aadhar Card No. in the Income Tax Return.

The following are the different types of ITR Forms which can be filed by a taxpayer depending on his type of income:-

1. ITR 1
2. ITR 2A
3. ITR 2
4. ITR 3
5. ITR 4
6. ITR 4S
7. ITR 5

ITR Form 1- Sahaj: For Salaried Individuals

ITR Form 1 (Sahaj) can be used by the following class of Individuals for the Financial Year 2014-15 i.e. Assessment Year 2015-16 who’s Total Income includes

1. Income from Salary/Pension or
2. Income from 1 House Property (excluding cases where loss is brought forward from previous year)
3. Income from Other Sources (excluding Winning from Lottery and Income from Horse Race)

This Income Tax Form (ITR Form) shall not be used by the following class of Individuals whose Total Income includes

1. Income from more than 1 House Property, or
2. Income from Winning from Lottery or Income from Horse Race, or
3. Income from Capital Gains which are not exempt from Tax. For eg: Short Term Capital Gains from Sale of Shares, Short Term or Long Term Capital Gains from the sale of House, Plot etc.,or
4. Income from Agriculture in excess of Rs 5000, or
5. Any exempted income in excess of Rs. 5000, or
6. Income from Business or Profession, or
7. Loss under head Other Sources

This ITR 1 Form can also not be used by a taxpayer who is claiming any double taxation relief under Section 90/ 90A/ 91.

Download

• ITR 1: PDF File for Physical Filing in 2015
• ITR 1: Java File for Online Filing in 2015
• ITR 1: Excel Utility for Online Filing in 2015

Recommended Read:-

• All about furnishing ITR 1 Form in 2015
• Computation of Tax on Salary Income

ITR 2A: Newly introduced Form applicable from AY 2015-16 onwards

The Income Tax Department has introduced a new category of Form i.e. ITR Form 2A. Similar to ITR Form 1, ITR 2A can be filed by a person earning Income only from Salary or House Property or Other Sources.

The main difference between ITR Form 1 and ITR 2A is that ITR Form 1 cannot be used if a person has income from more than 1 house property whereas ITR 2A can be used if a person has Income from more than 1 House Property.

There are several other minor differences as well between ITR 1 and ITR 2A for which you can refer this article: All about New ITR 2A

ITR 2A can be downloaded from here:-

• Download ITR 2A in PDF Format for Physical Filing in 2015

ITR Form 2: For Individuals and HUF not having Income from Business or Profession

This Income Tax Form (ITR Form 2) can be used by Individuals or HUF whose Total Income includes:-

1. Income from Salary/Pension, or
2. Income from House Property, or
3. Income from Capital Gains, or
4. Income from Other Sources

This Income Tax Form (ITR Form 2) can be used by all individuals specified above but cannot be used by Individuals earning Income from Business or Profession.

ITR 2 for AY 2015-16 have not yet been released by the Govt. They would be uploaded on the following links once released by the Govt.

• ITR 2: Download PDF File for Physical Filing in 2015
• ITR 2: Download Java Utility for Online Filing in 2015
• ITR 2: Download Excel Utility for Online Filing in 2015

• Recommended Read: All about furnishing ITR Form 2 in 2015

ITR Form 3: For Individuals and HUF being partners in Firm but not carrying business under Proprietorship

This Income Tax Form (ITR Form 3) can be used by an Individual or a HUF who is a

1. Partner in a Firm

However, ITR Form 3 cannot be used by Individuals who are also earning Income from any Proprietorship Firm. ITR 3 for AY 2015-16 have not yet been released by the Govt. They would be uploaded on the following links once released by the Govt.

• ITR 3: Download PDF File for Physical Filing in 2015
• ITR 3: Download Java Utility for Online Filing in 2015

ITR Form 3 also contains Schedule AL for the mandatory disclosure of all assets of taxpayers with income more than Rs. 25 Lakhs.

ITR Form 4: For Individuals earning Income from Proprietorship

This Income Tax Form (ITR Form 4) can be used by any Individuals who is earning Income from any Proprietary Business or Profession.

ITR 4 for AY 2015-16 have not yet been released by the Govt. They would be uploaded on the following links once released by the Govt.

• ITR 4: Download PDF File for Physical Filing in 2015
• ITR 4: Download Java Utility for Online Filing in 2015

ITR 4 also contains Schedule AL for mandatory disclosure of assets of taxpayers with income more than Rs. 25 Lakhs

ITR Form 4S: Sugam – Presumptive Income Tax Form

This Income Tax Form (ITR Form 4S) can be used by an Individual or HUF whose Total Income includes

1. Business Income where such Income is computed in accordance with special provisions referred to in Section 44AD and 44AE for the computation of Business Income, or
2. Income from Salary/Pension, or
3. Income from 1 House Property (excl. cases where the loss is brought forward from previous years)
4. Income from Other Sources (excl. Winning from Lottery and Income from Horse Races)

The Income computed above shall be deemed to have been computed after giving full effect to every loss, allowance, depreciation under the Income Tax Act

• ITR 4S: Download PDF File for Physical Filing in 2015
• ITR 4S: Download Excel File for Online Filing in 2015
• ITR 4S: Download Java File for Online Filing in 2015

ITR Form 5: For Firms, AOP’s, BOI’s

This Income Tax Form can be used by a person being a firm, LLP, AOP, BOI, Artificial Judicial Person, Co-operative Society or a Local Authority.

ITR 5 for AY 2015-16 have not yet been released by the Govt. They would be uploaded on the following links once released by the Govt.

• ITR 5: Download PDF File for Physical Filing in 2015
• ITR 5: Download Java Utility for Online Filing in 2015

Assessee’s whose Total Sales/ Total Turnover/ Gross Receipts exceeds Rs. 1 Crore from Business or Rs. 25 Lakhs from Profession are mandatorily required to get their Tax Audit done under section 44AB by a Chartered Accountant and the due date of submitting the Income Tax Form for Financial Year 2014-15 shall be 30^th September 2015. For all other assessees the due date for submitting the ITR Form is 31^st August 2015. Usually the last date for filing income tax return is 31st July but as the income tax forms for this year have been released late – the due date has been extended to 31st August. (Refer: Official Announcement)

ITR 2A: All about new Income Tax Form for AY 2015-16

The Income Tax Department has released the new ITR Forms applicable for AY 2015-16. This year the Income Tax Department has introduced another new ITR Form i.e. ITR 2A.

This new ITR Form 2A is in addition to the existing ITR Forms i.e. ITR 1, ITR 2, ITR 3, ITR 4, ITR 4S, ITR 5, ITR 6.

The new ITR Form 2A can be downloaded from here:-

Need for Introduction of ITR 2A

ITR 1 is a very basic form in which only limited details are required to be furnished whereas ITR 2A is a very detailed and complicated form. Although ITR 1 (also known as Sahaj) is a very easy to submit form but only a limited category of salaried taxpayers are allowed to use this form.

• Recommended Read: All about ITR 1 Form and its eligibility

As a result of the limitation on the eligibility of ITR 1, many salaried taxpayers had to fill ITR 2 which is a very complicated form. To remove this complexity, ITR 2A has been introduced by the Income Tax Dept. which is a form in between ITR 1 and ITR 2.

• Recommended Read: All about ITR 2 Form and its eligibility

A major portion of the people furnishing ITR 2 can now furnish ITR 2A which is a much simpler form as compared to ITR 2. This move of introduction of ITR 2A is in line with the govt’s objective of simplifying the income tax return forms for the taxpayers.

Who can use ITR Form 2A

ITR 2A can be used by an Individual or HUF whose total income for the assessment year 2015-16 includes:-

1. Income from Salary/ Pension, or
2. Income from House Property, or
3. Income from Other Sources (incl. Income from Winning from Lotteries and Race Horses)

Who cannot use ITR 2A

ITR 2A cannot be used by an Individual or HUF whose total income for the assessment year 2015-16 includes:-

1. Income from Capital Gains, or
2. Income from Business or Profession, or
3. Any claim of relief/deduction under Section 90, 90A or 91, or
4. Any resident having any asset (including financial interest in any entity) located outside India or signing authority located outside India, or
5. Any Resident having Income from any source outside India

Difference between ITR 1 and ITR 2A

Both ITR 1 and ITR 2A can be used where the income of the Individual or HUF includes income only from Salary or House Property or Other Sources.

However, the following are some of the differences between the eligibility to use ITR 1 and the eligibility to use ITR 2A

1. ITR 1 can be used in cases where the income is only from 1 House Property whereas in case of ITR 2A there is no such restriction on the no. of houses from which the income from house property has been earned.
2. ITR 1 cannot be used in case of Income from Winning from Lotteries or Race Horses whereas ITR 2A can be used to disclose such income from Winning from Lotteries or Race Horses.
3. ITR 1 cannot be used if the Agricultural Income is more than Rs. 5000 whereas ITR 2A can be used if the Agricultural Income is more than Rs. 5000
4. ITR 1 cannot be used if there a loss under head House Property whereas ITR 2A can be used in cases where there is a loss under head House Property.

Therefore ITR 2A is a more comprehensive form as compared to ITR 1. The more comprehensive the ITR Form, the more complicated it is.

Difference between ITR 2 and ITR 2A

ITR 2 is a much wider form as compared to ITR 2A. Anyone who can use ITR 2A can also use ITR 2. The only difference between ITR 2 and ITR 2A is that ITR 2A cannot be used in case of Incomes arising from Capital Gains whereas ITR 2 can be used in case of Income from Capital Gains.

Other Relevant Details regarding ITR 2A

1. No Document like Form 16, Form 16A, Form 16B, Form 26AS etc is required to be attached with the ITR 2A. All Income Tax Return Forms are annexure less return forms.
2. It is mandatory for the taxpayer to mention his Bank account details irrespective of whether any income tax refund is due to him or not.
3. This year the govt got late in releasing the income tax forms, as a result of which they had to postpone the last date for filing of income tax returns from 31^st July 2015 to 31^st August 2015. (Refer: Official Announcement for postponement of Last Date for filing ITR Form)
4. The Income Tax Returns for FY 2014-15 have been mentioned here – Income Tax Slab Rates
5. From AY 2015-16, the taxpayers are not necessarily required to send copy of ITR-V to Income Tax CPC Office. They can simply authenticate the Income Tax Return with their Aadhar Card No. and the requirement to send the hard copy will not apply if ITR is authenticated through the Aadhar Card No.

 

Interest on Late Payment of TDS

In case the assesse deposits the TDS Payment after the due date of payment of the Tax deducted at source, he shall be liable to pay interest @1.5% for every month or every part of the month during which the amount is not deposited with the Govt. Earlier, the Interest liable to be paid was 1% but this has been increased to 1.5% pm with a view to discourage the practice of delaying the deposit of tax after deduction.

Interest @ 1.5% is liable to be paid from the date on which the TDS was deducted and not from the date the TDS was due. This can be explained with the help of an example.

For example: TDS was deducted on 25th June and the due date for TDS Payment was 7th July. The assessee fails to deposit the TDS by 7th July. In such a case, the Interest would be calculated from 25th June and not from 7th June.

Procedure for TDS Payment Online

The following procedure is to be followed for making Payment of Tax Deducted at Source. It shall be noted that TDS Payments cannot be made without a valid TAN No. In case, you still dont have a TAN No., refer article on How to apply for TAN No.

• Visit https://onlineservices.tin.nsdl.com/etaxnew/tdsnontds.jsp
• Select Challan No. – ITNS 281 for TDS Payment. A Copy of the Challan has been shown herewith for your Ready Reference

• Enter your TAN No. based on which there would be an online check on the validity of the TAN entered for TDS Payment
• If the TAN entered by the taxpayer is found to be valid, the taxpayer would be allowed to fill up other challan details like the accounting head under which the payment is to be made, name and address of TAN etc.
• On submission of the data, a confirmation screen would be displayed. If the taxpayer confirms the data entered in the challan, the page would be routed to the net-banking page of the bank as mentioned by you in the challan through which the payment is to be made.
• The Taxpayer would now be required to login to the net-banking page of the bank with the user-id and the password as allocated by the banker and make the TDS Payment
• On successful TDS Payment, a challan counterfoil would be displayed containing the Challan Identification Number (CIN), payment details and the bank name through which e-payment has been made. The counterfoil is proof of the payment being made. You can also verify the status of the challan in the “Challan Status Inquiry” on the NSDL-TIN website after a week of making the payment using the CIN so generated

After depositing the TDS with the Income Tax Department, the Deductor shall issue a TDS Certificate in Form 16/ Form 16A on an annual/quarterly basis as may be applicable

If any problem encountered at the NSDL website while entering non-financial data then contact the TIN Call Center at 020 – 27218080 email them at e-tax@nsdl.co.in. If any problem encountered while entering the financial details at the net-banking webpage of your bank, then you should contact your banker for assistance.