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Showing posts with label ITR FORM. Show all posts
Showing posts with label ITR FORM. Show all posts

Saturday, 26 March 2016

18:31

I-T Department wants you to declare all interest income in your ITR

I-T Department wants you to declare all interest income in your ITR

ET Bureau|
Mar 24, 2016, 08.37 PM IST

BENGALURU: In a circular released on Tuesday, the Central Board of Direct Taxes has warned the taxpayers who do not declare all their interest income in their ITRs to correct their ways. They have been asked to re-file and rectify their returns for FY 2013-14 onwards.

You'll have to declare even those interest incomes where Form 15 G/H have been filed and the total exceeds the maximum amount not chargeable to tax, that is, Rs 2.5 lakh. Only interest income up to Rs 10,000 exempted under Section 10 may be left out. The deadline for this is 31st March 2016. If missed, you will be liable to pay a Rs 5,000 penalty under avoid penalty Section 271F of the I-T Act.

While form 26AS reflects only those payments on which tax has been deducted, the department can track your other deposits and interest payments received without deduction of tax too via information received from banks and other financial institutions. "Information regarding interest earned by individuals and business entities on term deposit is filed with the Income Tax Department by banks including co-operative banks and other financial institutions and state treasuries, etc," said the circular.

In an online survey conducted by economictimes.com last August, 30% of the 2,168 respondents believed that interest of up to Rs 10,000 from bank FDs is tax free in a year. However, as per the rules,the exemption under Section 80TTA is only for the interest on the savings bank accounts. What one earns from on fixed deposits and recurring deposits is fully taxable. You also need to declare all those interest income where TDS has been deducted or you have filed Form 15 G/H.

 Source:Sapost

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Monday, 1 June 2015

08:09

ITR form simplified, file returns by Aug 31

ITR form simplified, file returns by Aug 31- Press Information Bureau

Government of India
Ministry of Finance

31-May-2015

Income Tax Return Forms ITR 1, 2 and 4S Simplified for Convenience of the Tax Payers;

A New Form ITR 2A Proposed which can be Filed by an Individual or HUF who does not have Capital Gains, Income from Business/Profession or Foreign Asset/Foreign Income; In Form ITR 2 and the New Form ITR 2A, the Main Form will not Contain more than 3 Pages, and other Information will be Captured in the Schedules which will be Required to be filled only if applicable;

As the Software for these Forms is under Preparation, they are likely to be available for e-filing by 3rd week of june 2015;Time Limit for Filing these Returns is also Proposed to be Extended up to 31.08.2015;

Only Passport Number, if available, would be required to be given in forms Itr-2 and itr-2A. Details of Foreign Trips or Expenditure thereon are not required to be Furnished

Forms ITR 1, 2 and 4S for Assessment Year 2015-16 were notified on 15th April 2015 (15.04.2015). In view of various representations, it was announced that these ITR forms will be reviewed. Having considered the responses received from various stakeholders, these forms are proposed to be simplified in the following manner for the convenience of the taxpayers:-

1) Individuals having exempt income without any ceiling (other than agricultural income exceeding Rs. 5,000) can now file Form ITR 1 (Sahaj). Similar simplification is also proposed for individuals/HUF in respect of Form ITR 4S (Sugam).

2) At present individuals/HUFs having income from more than one house property and capital gains are required to file Form ITR-2. It is, however, noticed that majority of individuals/HUFs who file Form ITR-2 do not have capital gains. With a view to provide for a simplified form for these individuals/HUFs, a new Form ITR 2A is proposed which can be filed by an individual or HUF who does not have capital gains, income from business/profession or foreign asset/foreign income.

3) In lieu of foreign travel details, it is now proposed that only Passport Number, if available, would be required to be given in Forms ITR-2 and ITR-2A. Details of foreign trips or expenditure thereon are not required to be furnished.

4) As regards bank account details in all these forms, only the IFS code, account number of all the current/savings account which are held at any time during the previous year will be required to be filled-up. The balance in accounts will not be required to be furnished. Details of dormant accounts which are not operational during the last three years are not required to be furnished.

5) An individual who is not an Indian citizen and is in India on a business, employment or student visa (expatriate), would not mandatorily be required to report the foreign assets acquired by him during the previous years in which he was non-resident if no income is derived from such assets during the relevant previous year.

6) As a measure of simplification, it has been endeavoured to ensure that in Form ITR 2 and the new Form ITR 2A, the main form will not contain more than 3 pages, and other information will be captured in the Schedules which will be required to be filled only if applicable.

As the software for these forms is under preparation, they are likely to be available for e-filing by 3rd week of June 2015. Accordingly, the time limit for filing these returns is also proposed to be extended up to 31st August, 2015 (31.08.2015). A separate notification will be issued in this regard.

pib

Source:Govemployees.
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