The new Income Tax Return (ITR) Forms ITR–1, ITR-2, ITR-4S have been notified for AY 2015-16. We have highlighted the changes in these forms from last year.
Following are the changes in ITR Rules:
1. You cannot fill ITR-1 (Sahaj) and ITR-4S (Sugam) if you have any income from sources outside India
2. EVC verification linked to Aadhar Number has been introduced as an alternative to sending physical ITR-V to CPC, Bangalore. So for people with Aadhar Card there would be no need to post their ITR-V to CPC.
3. Super senior citizens i.e. people with age more than 80 years can file their ITR in paper form subject to certain conditions.
ITR would become complicated for all freelancers, coders, content providers and bloggers as they do have income from sources outside India. Now they would not be able to fill ITR-1.
The highlighted changes in the respective form below:
Option to provide Aadhar Number in ITR Forms
ITR-1 (Sahaj):
1. Aadhar Card Details: A column has been added to furnish aadhar card details if you have one. This would be used for EVC verification system as described above.
Option to provide Aadhar Number in ITR Forms
2. Bank Account Details: You need to mandatorily furnish details of all your bank accounts held singly or jointly including any account closed in FY 2013-14. The details include account number, bank name, IFSC Code and balance as on March 31, 2015.
Mandatory disclosure of details of Bank Accounts in ITR Form
