Finally Wait is Over, Income Tax Department Released all the Income Tax Form for the year 2015. in the last month Government has notified the ITR form 1, 2, 2A and 4S and now Government has notified the remaining ITR Form 3, 4, 5, 6 and 7. Taxpayer must understand changes in ITR forms and they are as follow:
1. If Taxpayer is having Aadhar Card then Aadhar Card Number is required to be mention in ITR form. If this number is mentioned in Income Tax Return then taxpayer will not be required to send copy of Acknowledgment to Bangalore. Verification will be done on the basis of Aadhar Card Number.
2. Taxpayer is required to give details of all Bank Accounts held along with IFSC Code, Bank Name, Account Number, and Type of Account. Taxpayer should disclose transactions of all Bank Transaction in Books and details of them should be mentioned in ITR.
3. Taxpayer has to pay tax on capital gains i.e. on the profit on sale of House Property, Plot, etc. In this deduction can be availed according to some provisions. For availing deduction the unutilized amount is required to be kept in specific account (capital gain account). Now, details of the same are required to be mentioned in ITR.
4. As Government is focusing more on foreign transaction from this year passport number of an Inpidual is required to be mentioned in ITR.
5. If capital gain of nonresident is not taxable in India then details of the same is required to be mentioned in ITR.
6. If the Income of the Assessee is taxable as per the provisions of Double Tax Avoidance Agreement (DTAA) entered between India and any foreign country then the said details are required to be mentioned in ITR.
7. Earlier Taxpayer was required to provide details of Asset held in foreign Country, but now Taxpayer is required to give details of Income generated in foreign country. These details are required to be provided even though the assesse is beneficiary or beneficial owner.
8. Agricultural Income is Exempt but now taxpayer is required to provide the details of Income Earned and Expenses made from the Agricultural Activities.
9. Details of the change in the partners of the partnership firm are required to be provided. E.g. Name of the Partner, Share of profit or loss etc.
10. Partnership Firm is required to provide the details of the Rate of Interest paid to partner along with remuneration.
11. Partnership firms are required to disclose the details of remuneration paid to partners in the profit and loss schedule of ITR separately. Further interest paid has to be separately shown in two categories i.e. Interest paid to Partners and interest paid to others.
12. Company Taxpayers are required to provide the details of expenses made on Corporate Social responsibility in the Income Tax Return.
13. If any company is engaged in the business of Manufacturing and they have made investment in plant and machinery then a new field is provided in the Income tax return for claiming allowance under section 32AC.
14. If Assessee owns more than one House Property then one House property can be claimed as self-occupied whereas the other is considered as Deemed to be let out. Here assessee is required to give details of the property whether it is let out or deemed let out.
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