Changes in ITR for the Assessment Year 2015-16

Pursuant to the powers conferred by section 295 of the Income-tax Act, the Central Board of Direct Taxes made the following changes under Rule 12 with respect to Income tax returns and details to be filled

The ITR 2 is currently used by Individuals having Income from Salary / Pension, House Property, Capital Gains or from Other Sources (including Winning from Lottery and Income from Race Horses) and not having Income from Business or Profession, it was observed that majority of the users do not have capital gains and also the fact that black money stems mostly from capital gain transactions made the government introduce new ITR 2A for those who do not possess any income from Capital Gains.

Some Important additions to ITR 1, ITR 2, ITR 2A and ITR4S

1. Quoting Aadhar number (If one applied for the same)
2. Details of Bank A/C held in India at any time during the previous year ,like
3. Name of the Bank
   • Account Number
   • Type of Account(Savings/Current)
   • IFS Code
     However Dormant Account details( Accounts not operated in last 3 years) need not be furnished

Some Important additions specific to ITR 2 and 2A other than already specified

1. Passport details (Instead of Foreign travel details as notified recently).
2. Date of Formation of HUF.
3. Schedule OS – Details of Income from other sources, Non Residents-Income chargeable to be taxed under DTAA has been introduced.
4. A new schedule SI has been introduced with respect to Income chargeable to tax at special rates covering transactions referred to under sections 111A,115AD, 112, 112(1)(c)(iii), 115AC, 115ACA, 115AD, 115E, 115BB and 115AC.
5. Under Schedule EI – Details of Exempt Income, Net Agricultural Income (other than income to be excluded under rule 7A, 7B or 8 of I.T. Rules) has to be provided with necessary breakup.
6. New Schedule FA – Details of Foreign Assets and Income from any source outside India has been introduced, under which the following needs to be disclosed
   1. Details of Foreign Bank Accounts held (including any beneficial interest) at any time during the previous year
   2. Details of Financial Interest in any Entity held (including any beneficial interest) at any time during the previous year
   3. Details of Immovable Property held (including any beneficial interest) at any time during the previous year
   4. Details of any other Capital Asset held (including any beneficial interest) at any time during the previous year
   5. Details of account(s) in which the person held signing authority (including any beneficial interest) at any time during the previous year and which has not been included above
   6. Details of trusts, created under the laws of a country outside India, in which the person is a trustee, beneficiary or settlor
   7. Details of any other income derived from any source outside India which is not included above and under the head business or profession

Some Important additions specific to ITR 2 other than already specified

Under Schedule CG – Capital Gains , the following changes are made

1. Short term Capital gains (STCG)
   1. for sale of unit of a business trust on which STT is paid under section 111A or 115AD(1)(ii) proviso (for FII) also needs to be provided
   2. If any amount of unutilized capital gain on asset transferred during the previous years 2011-12 and 2012-13 was deposited in the Capital Gains Accounts Scheme within due date for that year, then details relating to utilized and unutilized portions of the same needs to be provided.
   3. Details of STCG – NON-RESIDENTS but not chargeable to tax in India as per DTAA are to be provided.

1. Long term Capital gains (LTCG)
   1. If any amount of unutilized capital gain on asset transferred during the previous years 2011-12 and 2012-13 was deposited in the Capital Gains Accounts Scheme within due date for that year, then details relating to utilized and unutilized portions of the same needs to be provided
   2. Details of LTCG – NON-RESIDENTS but not chargeable to tax in India as per DTAA are to be provided.

The forms to be used by the person who has taxable income under the head profits and gains of business or profession other than on presumptive basis are not yet notified for the current filing.

To be noted : ​​​Due date for filing of returns of income-tax and wealth tax for the assessment year 2015-16 has been extended from July 31, 2015 to August 31, 2015 vide ORDER [F.NO.225/154/2015/ITA.II], DATED 10-6-2015.