1. Who can use this Return Form?
This Return Form is to be used by an individual or a Hindu Undivided Family whose total income for the assessment year 2015-16 includes:-
(a) Income from Salary / Pension; or
(b) Income from House Property; or
(c) Income from Other Sources (including Winning from Lottery and Income from Race Horses).
Further, in a case where the income of another person like spouse, minor child, etc. is to be clubbed with the income of the assessee, this Return Form can be used where such income falls in any of the above categories
2. Who cannot use this Return Form?
This Return Form should not be used by an individual or a Hindu Undivided Family whose total income for the assessment year 2015-16 includes,-
(a) Income from Capital Gains; or
(b) Income from Business or Profession; or
(c) Any claim of relief/deduction under section 90, 90A or 91; or
(d) Any resident having any asset (including financial interest in any entity) located outside India or signing authority in any account located outside India; or
(e) Any resident having income from any source outside India.
3. E-FILING THROUGH ELECTRONIC VERIFICATION CODE
Income tax department has introduced electronic verification code method for verifying a person's identity while filing the income tax return online. If this method is availed then a person need not send a signed copy of the acknowledgement (ITR-V) to Bangalore office of the Income Tax Department. His return will be treated complete by completing the verification method. The different verification methods introduced by the government are:
(a) Aadhaar Number
(b) Login through Net Banking facility of the person
(c) Digital Signature
(d) Mobile OTP
One of the above methods can be availed by a person filing its income tax return online to avoid Sending a physical copy of ITR-V to Bangalore.
4. NEWLY REQUIRED FIELDS
a. Aadhar Number: Individual is mandatorily required to specify Aadhar Number if he has
b. Passport Number : Individual is mandatorily required to specify Aadhar Number if he has
c. Return Filed u/s 119(2) b: Assessee is required to specify if the return is filed in pursuant to order , instruction or direction of CBDT (Board).
d. Details of Bank Account held in India at any time during the previous year (excluding dormant account)
e. Date of Formation of HUF
f. Details of Income Taxable under Double Taxation Avoidance Agreement (DTAA)
g. Reporting of Agriculture income
h. Tax Paid Payment , TDS from Salary & TDS on Income schedule is moved to page 3 which was on Page 10 previously in ITR 2 (old forms)
i. Details of Income from Property if it is Deemed to be let out: Previously only the income from property which is let out is required to be reported.
Author can be reached at
ANKIT GUPTA [TAX ADVISOR]
Tags :itrIncome Tax