ITR Form to be used for filing of return of income for the assessment year 2016-17

Tax-return filing is just four days away and you have to download ITR form and started filling out the boxes. If you are self-filing for the first time, you can have a bunch of questions. One of the question is which Income tax form shall i use to File My return??

Answer of your query is given below:

Return Form	Brief Description
ITR - 1	Also known as SAHAJ is applicable to an individual having salary or pension income or income from one house property (not a case of brought forward loss) or income from other sources (not being lottery winnings and income from race horses).
ITR 2A	It is applicable to an individual or HUF whose total income for the assessment year 2016-17 does not include income from business or profession, capital gains. Further, an individual or HUF claiming foreign tax credit or having any asset (including financial interest in any entity) located outside India or having any signing authority in any account located outside India or having income from any source outside India cannot use this form for filing of return of income.
ITR - 2	It is applicable to an individual or a Hindu Undivided Family having income from any source other than "Profits and gains of business or profession".
ITR - 3	It is applicable to an individual or a Hindu Undivided Family who is a partner in a firm and where income chargeable to tax under the head "Profits or gains of business or profession" does not include any income except the income by way of any interest, salary, bonus, commission or remuneration, by whatever name called, due to, or received by him from such firm.
ITR - 4S	Also known as SUGAM is applicable to individuals or Hindu Undivided Family or partnership firm (other than limited liability partnership firm) who have opted for the presumptive taxation scheme of section 44AD/44AE.​
ITR - 4	It is applicable to an individual or a Hindu Undivided Family who is carrying on a proprietary business or profession.
ITR - 5	This Form can be used by a person being a firm, LLP, AOP, BOI, artificial juridical person referred to in section 2(31)(vii), co-operative society and local authority. However, a person who is required to file the return of income under section 139(4A) or 139(4B) or 139(4C) or 139(4D) or section 139(4E) or section 139(4F) shall not use this form (i.e., trusts, political parties, institutions, colleges, investment fund etc.)
ITR - 6	It is applicable to a company, other than a company claiming exemption under section 11 (exemption under section 11 can be claimed by charitable/religious trust).
ITR - 7	It is applicable to a persons including companies who are required to furnish return under section 139(4A) or section 139(4B) or section 139(4C) or section 139(4D) or section 139(4E) or section 139(4F) (i.e., trusts, political parties, institutions, colleges, investment fund, etc.).
​ITR - V	It is the acknowledgement of filing the return of income.

ITR, ITR 2016-17, ITR FORM A.Y 2016-17, Income Tax, Income tax form for a.y 2016-17, Income tax Form

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These things must be included in your income tax return

The income tax return season is in full swing with 31st July approaching fast. While filing the income tax return salaried people only provide copy of the form No. 16 to the person preparing his income tax returns without any further details. This is due to the impression that interest on saving account is fully exempt and tax on their fixed deposits has already been deducted so they need not show these items while filing their income tax return. This is not show. Additionally there are many items which are taxable but are omitted due to oversight. With this article I have attempted to cover certain items of income which are taxable, but unknowingly we tend to ignore in our return of income.

Savings account and fixed deposits interest :

There are some other incomes which people normally presume to be tax free or not required to be included in the return of income. One of such items is interest on saving bank account. Though interest on saving bank account is eligible for deduction under Section 80TTA upto Rs. 10,000/- in a year but even if the amount of interest on saving bank account is less than Rs. 10,000/- legally you are required to include it in your income under the head “Income from other sources” and claim deduction under Section 80TTA. Likewise bank deducts tax on interest on your bank fixed deposits so you are under the impression that the tax liability in respect of such interest stands discharged, which is not true. Please bear in mind that even if tax is deducted at source on FD interest, the TDS rate and the rate which is normally applicable in your case is different. The tax is deducted @ 10% where tax rate applicable to you may be 20% or 30%. It is your liability to discharge the differential tax liability.

Also include interest in respect of Fixed Deposit with banks which have been renewed on maturity and are not reflected in your bank accounts.  Do not forget to include the accrued income on NSC etc. purchased in the earlier years.

Income earned on investment of minor child:

Any income earned by a minor child is required to be clubbed with the income of the parent whose income is higher. Parents normally invest money belonging to their minor child received as gift on several occasions.  The income/interest earned by the minor on these investments is required to be included in the income of the parent. The amount to be clubbed in the income of parents is over Rs. 1500/- per child so any interest/income of each minor is exempt up to Rs. 1,500.

Capital gains on switching of units of mutual funds during the year:

With more and more people opting the route of investing through the route of mutual funds,  cases being discussed here would be on higher side. We as mutual fund investors shift from one scheme to another for various reasons without there being any corresponding entry in the bank statement. The switching may be due to below average performance or regular transfer of funds from one scheme to another scheme like Systematic Transfer Plan (STP) or Systematic Withdrawal Plan (SWP) Since the units switched are of the same mutual funds house these  do not get reflected in the bank account so your chartered accountant may not even come to know about it. It might escape your memory as well by the time you sit down to prepare you tax return.

The profit/loss on switching of units may be  short-term or long-term entailing  different tax treatment. Even tax treatment for debt fund is different from equity oriented funds. Disclose such switch over transaction to your Chartered Accountant for proper and correct treatment of loss or profit on such switch.

Notional rental income in case more than one house property is self occupied.

As per the income tax laws any income from your house property is taxable under the head “Income from house property”. For a self occupied house the taxable value of the same is taken at nil. However this option is available in respect of only one house property and in case you are occupying more than one house for your self or your family members, you have to exercise the option to treat any one of the house as self occupied and the other/s are deemed to have been let out. In respect of such deemed to have been let out property you have to offer the notional rental income for tax..  Please note notional rent is not the same as nominal rent. The income to be offered is rent which is expected to be received in respect of the  property. Your Chartered Accountant will be in a position to help you in ensuring that your tax treatment of additional property is correct.

There are many people who own more than one house and the same are used either by themselves or by their parents. Since no rent is in fact received in majority of the cases, tax payer are under the impression that they are not liable to pay any tax on extra house property. Such situation may also arise in case you have a house property in your native place which is not let out and thus is deemed to be self occupied by you in addition to the property used for your residence at your work place.

Gifts or other promotional benefits received by you in case you carrying on business

This is the age of discounts and gifts in business. The same is offered not only to the customer but also to the businessman by the company manufacturing/distributing the product. So a few of you might have enjoyed tangible and valuable gifts from your business associates.  Some of you would have been treated with foreign tours as incentives for achieving certain targets. Since such items are not reflected in the bank account and thus not accounted in your books and thus go unreported. Please disclose this to your Chartered Accountant to be fully compliant.

I am sure this discussion will help you better comply the law and help you make your life easier.

If you are looking at discussing any other aspects of income tax law or for any other income tax related queries, please get in touch with me at the email address given below.

The author is a CA, CS and CFP. Presently working as Company Secretary of Bombay Oxygen Corporation Limited. Views are personal., He can be reached at jainbalwant@gmail.com and @jainbalwant

Balwant Jain is presently company secretary at Bombay Oxygen. He has diverse experience Industry and consultancy. He  has worked with  Apna Paisa  and Reliance Retail in addition to having two decades plus experience of having  own consultancy firm. He is a Chartered Accountant,  Company Secretary and a Certified Financial Planner. 

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5 Things NRIs need to know when filing Income Tax Returns in India

The income that NRI earn abroad is not taxable in India. Nevertheless, some NRIs also have an earning in their aborigine country, India in the form of interest from deposits, property rent, etc. This income has a basic limit of exemption, which is Rs2 lakhs. If the NRI earnings from such native sources cross the fixed limit of two lakh, then they should file their tax return.

In addition to the income sources mentioned above, if these NRIs carry out transactions in shares, mutual funds and/or similar securities, the monetary gains from the same are also tax accountable, for which they are supposed to file returns. The due date for this, only in case of NRIs, is July 31.

However, there are certain things that NRIs filing returns must take into consideration. By considering the following practical scenarios, one can ease out his/her tax-return filing process in India.

When should an NRI file for the return?

There are three major criteria for filing the return. These include if their income from the country exceeds the maximum limit permissible as basic exemption, or it can be filed to claim a return if the deducted tax is more than what was payable. To settle the claims for the amount set off as capital losses, one should file his returns.

What all documents do you need as a non-resident Indian?

The documents that one should submit include their passport of the residence country. This shows the total number of days spent outside India for them to qualify as a non-resident Indian. Apart from this, they should provide their de-mat account statements, and the TDS certificates they received from other parties. The statements for de-mat accounts are required for the knowledge of their bank accounts and transactions held in India.

What are the exemptions and the deductions for which you are eligible?

There are certain exemptions in India by which an individual can reduce his/her taxable income. These include certain investments, payment of the principal amount of the housing loan, etc. These exemptions are applicable to NRIs as well. Therefore, for those exemptions that are applicable, the NRIs can claim the same under the Income Tax, such as Section 80C.

There are certain deductions that are specifically not applicable to NRIs. Firstly, NRIs do not benefit from differential exemption limits, based on age and gender, and applicable to resident Indians. Secondly, an NRI’s short-term or long-term capital gains from their investment sale in India, is also not included under tax exemption.

What should you do to claim a refund?

To expect a refund from your filed tax return, you should ensure to put the exact bank details, which includes your account number and the branch MICR code. In case of an online filing of returns, the processing of your refund happens electronically. Therefore, precise bank account details are always helpful.

What are the alternatives available to file returns?

The NRIs can file their return online via the Income Tax Department’s e-filing portal. Alternative to this, they may also use other ways to do the same. This includes taking the help of tax advisors, or by using other private and paid e-filing portals for getting their purpose served.

Some more points to remember :

A point to remember is that an NRI, whose total income during the concerned financial year comprises only of investment earnings and/or long-term capital gains, should not necessarily file the returns. Apart from this, if the tax deduction has already taken place at the income source, then too the non-resident Indian may not file the tax return.

With the help of above-mentioned tips, NRIs can simplify the whole process of filing their tax returns in their motherland, India. To have a tax plan and investment plan completely in alignment with your financial goals, you should have a well thought out financial plan.

The author is Ramalingam.K an MBA (Finance) and certified financial planner. He is the Director & Chief Financial Planner of holistic investment planners(www.holisticinvestment.in) a firm that offers Financial Planning and Wealth Management. He Can be reached at  ramalingam@holisticinvestment.in

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No need for bank balance details, foreign trip info in new ITR forms

Taxpayers will need to disclose passport numbers in place of travel details. 

The Income tax department has notified a new, more simplified, set of ITR forms for taxpayers to file their returns for assessment year 2015-16, wherein it has done away with intrusive details such as the number of foreign trips and bank account balances that assessees were expected to furnish earlier. 

The forms are in line with the finance ministry’s pledge last month, wherein it had assured taxpayers that the 14-page income tax return (ITR) form would be replaced with simpler threepage ITR forms and that filling of intrusive details such as number of foreign visits undertaken would be done away with. The notification of the ITR forms — ITR-1, ITR-2, ITR- 4S — by the CBDT in April had drawn widespread criticism for the enhanced compliance cost and the cumbersome details sought, following which finance minister Arun Jaitley had announced their withdrawal and announced that new, simplified forms would be issued. The government had also extended the time limit for filing these returns up to August 31, in place of July 31, in view of the changes in the forms. 

As per the notification for revised forms issued on Tuesday, a new form — ITR-2A — has been issued for individuals or Hindu undivided families (HUF) who do not have business income, capital gains or income from profession, and do not hold foreign assets. However, such taxpayers will have to disclose their passport numbers, if available, in place of the details about foreign trips sought earlier. All filers will now have to declare only the “total number of savings and current bank accounts” held by them “at any time during the previous year, excluding dormant accounts”. 

In terms of bank details, assessees will have to provide the IFSC code of the bank and the account in which they want their refunds to be credited. Those filing form 2A will get a fourpage schedule that has to be filled by only those who have to disclose additional details on a case-to-case basis. 

With regards to ITR-2, for those with capital gains, the earlier 14-page form has been replaced with a 3-page form with a schedule comprising 10 pages. The taxpayers will have to declare the foreign assets held abroad or have income from any foreign source. 

“In schedule FA, mention the details of foreign bank accounts, financial interest in any entity, details of immovable property or other assets located outside India. This also includes details of any account located outside India in which the assessee has signing authority, details of trusts,” the notification said. In case the resident assessee is a beneficial owner, the taxpayer has to fill in a schedule providing details such as the asset from which he derived benefit and the consideration for such asset was provided by any person other than such beneficiary. 

Earlier on May 31, the income tax department had said that an individual who is not an Indian citizen and is in India on a business, employment or student visa 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. 
(Indian Express)

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CBDT Released ITR-1(SAHAJ) and ITR-4S(SUGAM) excel utility for A.Y 2015-16

CBDT Released  ITR-1(SAHAJ) and ITR-4S(SUGAM) excel utility for A.Y 2015-16 in excel utility as well as in java utility

You can download the same from the below link.



Download ITR (1) For A.Y 2015-16

Download ITR (4S) For A.Y 2015-16

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CBDT notifies ITR-1, ITR-2, ITR-2A and ITR-4S to be filed for AY 2015-16

[TO BE PUBLISHED IN THE GAZETTE OF INDIA, EXTRAORDINARY, PART II, SECTION 3, SUB- SECTION (ii)] 

GOVERNMENT OF INDIA 

MINISTRY OF FINANCE 
DEPARTMENT OF REVENUE 
[CENTRAL BOARD OF DIRECT TAXES] 
NOTIFICATION 
New Delhi, the 22nd day of June, 2015 

Income-tax 

S.O. 1660 (E).– In exercise of the powers conferred by section 295 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following rules further to amend the Income-tax Rules, 1962, namely:- 
1. (1) These rules may be called the Income-tax (8th Amendment) Rules, 2015. (2) They shall be deemed to have come into force with effect from the 1st day of April, 2015. 

2. In the Income-tax rules, 1962,− 

(1) in rule 12,− 
(a) in sub-rule (1),- 
(I) in clause (a), in the proviso, for clause (III), the following clause shall be substituted, namely: − 
“(III) has agricultural income, exceeding five thousand rupees;”; 
(II) after clause (b) the following clause shall be inserted, namely:- 
‘(ba) in the case of a person being an individual not being an individual to whom clause (a) applies or a Hindu undivided family where the total income does not include any income chargeable to income-tax under the heads “Profits or gains of business or profession” and “Capital gains” and to whom the provisions of clause (I) and clause (II) of the proviso to clause (a) does not apply, be in Form No. ITR-2A and be verified in the manner indicated therein;’; 

(III) in clause (ca), in the proviso, for clause (III), the following clause shall be substituted, namely: − 
“(III) has agricultural income, exceeding five thousand rupees;”; 

(b) in sub-rule (4), for the words, brackets, letters and figures “in the manners specified in clauses (i), (iii) and (iv) of sub-rule (3)”, the words, brackets, letters and figures “in the manners (other than the paper form) specified in column (iv) of the Table in sub-rule (3)” shall be substituted. (2) in Appendix-II, for “Forms SAHAJ (ITR-1), ITR-2 and SUGAM (ITR-4S)” the “Forms SAHAJ (ITR-1), ITR-2, ITR-2A and SUGAM (ITR-4S)” shall be substituted, namely:-

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New Income Tax Return Forms ITR 1, 2 and 4S Simplified and Due Date Extended to 31-08-2015

The Ministry of Finance has issued a press release dated 31.05.2015 stating that Income Tax Return Forms ITR 1, 2 and 4S have been simplified for convenience of the tax payers. It is also stated that as the software for these forms is under preparation and are likely to be available for e-filing by 3rd week of June 2015, 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.

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 3^rdweek of june 2015;Time Limit for Filing these Returns is also Proposed to be Extended up to;

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 15^th 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 3^rd week of June 2015. Accordingly, the time limit for filing these returns is also proposed to be extended up to 31^st August, 2015. A separate notification will be issued in this regard.



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Details of Changes in New ITR as launched on 15/04/2015

Details of Changes in New ITR as launched on 15/04/2015

ITR-1

1) Introduction of furnishing Aadhar Card Number in ROI. Which will be used for EVC system.

Introduction of EVC for verification of return of income filed as an option to send ITR-V to CPC, Bangalore.

2) Details of all bank accounts with Bank name, IFSC Code, Name of Joint Holder, if any, Account number, Account balance as on 31.03.2015 mandatorily to be provided. Even those accounts which are closed during the year.

ITR-2

1) Introduction of furnishing Aadhar Card Number in ROI. Which will be used for EVC system introduced as mentioned above.

2) Details of Foreign Travel made if any (For resident and nonresident both) includes, Passport No, Issued at, name of country, number of times travelled and expenditure

3) Details of utilization of amount deposited in capital gain account scheme for years preceding to last two assessment years. Particulars asked include year of utilization, amount utilized, amount unutilized lying idle in capital gain account scheme till the date of filing of return of income.

4) In case of LTCG & STCG not chargeable to tax to Non-resident on account of DTAA benefit, It is required to furnish Country name, Article of DTAA, TRC obtained or not?,

5) For Non-resident, Income from other sources, If any income chargeable to tax at special rate provided in DTAA, It is now required to provide details of Name of Country, Relevant article of DTAA, Rate of Tax, Whether TRC obtained or not?, Corresponding rate of tax under income tax act.

6) Details of all bank accounts with Bank name, IFSC Code, Name of Joint Holder, if any, Account number, Account balance as on 31.03.2015 mandatorily to be provided. Even those accounts which are closed during the year.

7) In schedule FA- Foreign assets disclosure, Following details added.

a) Foreign Bank accounts details: It is now further require to furnish Account number, account opening date, Interest/income accrued from such account, If any along with details of head of income and schedule under which such income is shown, if offered to tax in India.

b) In similar manner, details of income from Financial interest in any entity outside India along with details of income offered to tax in ITR-2 from such income.

c) Similar disclosure requirement is also required for Immovable property outside India, capital asset held outside India, trust held outside India

ITR-4S

1) Introduction of furnishing Aadhar Card Number in ROI. Which will be used for EVC system introduced as mentioned above.

2) Details of all bank accounts with Bank name, IFSC Code, Name of Joint Holder, if any, Account number, Account balance as on 31.03.2015 mandatorily to be provided. Even those accounts which are closed during the year

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CBDT Notifies ITR-1 ITR-2 ITR-4S ITR-V for A.Y. 2015-16

S.O. 1014 (E).─ In exercise of the powers conferred by section 295 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following rules further to amend the Income-tax Rules, 1962, namely:-

1. (1) These rules may be called the Income-tax (Seventh Amendment) Rules, 2015.

(2)    They shall be deemed to have come into force with effect from the 1st day of April, 2015.

2. In the Income-tax Rules, 1962,─

(1) in rule 12,─

(a)   in sub-rule (1),-

(A)      after  the  words,  brackets,  figure  and  letter  “sub-section  (4D)”  the  words, brackets, figure and letter “or sub-section (4E)” shall be inserted;

(B)       for the figures “2014”, the figures “2015” shall be substituted;

(C)       in clause (a), in the proviso, in clause (I), for sub-clause (ii), the following sub- clauses shall be substituted, namely:-

“(ii) signing authority in any account located outside India; or

(iii) income from any source outside India;”;

(D)      in clause (ca), in the proviso, in clause (I), for sub-clause (ii) the following sub- clauses shall be substituted, namely:-

“(ii) signing authority in any account located outside India; or

(iii) income from any source outside India;”;

(E)       in clause (g), after the words, brackets, figure and letter “sub-section (4D)” the words, brackets, figure and letter “or sub-section (4E)” shall be inserted;

(b)  for sub-rule(3), the following sub-rule shall be substituted, namely:-

‘(3) The return of income referred to in sub-rule (1) shall be furnished by a person mentioned in column (ii) of the Table below to whom the conditions specified in column (iii) apply, in the manner specified in column (iv) thereof:-

Table

Sl.	Person	Condition	Manner of furnishing return of income
(i)	(ii)	(iii)	(iv)
1	Individual or       Hindu undivided family	(a) Accounts are required to be audited under section 44AB of the Act;	Electronically  under   digital signature
		(b) Where (a) is not applicable and,- (I)   the  return  is  furnished  in  Form No. ITR-3 or Form No. ITR-4; or (II)  the person, being a resident, other than    not     ordinarily    resident within   the   meaning     of    sub- section (6) of section 6, has, (A) assets       (including        financial interest  in  any  entity)  located outside   India;   or   (B)   signing authority in any account located outside   India;   or   (C)   income from any source outside India; (III) any relief, in respect of tax paid outside India, under section 90 or 90A  or  deduction  of  tax  under section 91 is claimed; or (IV) any report of audit referred to in	(A)      Electronically    under digital signature; or (B)      Transmitting the data in the return electronically under electronic verification code; or (C)      Transmitting the data in  the  return  electronically and thereafter submitting the verification of the return in Form ITR-V.

		proviso to sub-rule (2) is required to be furnished electronically; or (V) total income assessable under the Act during the previous year of the person (other than the person, being an individual of the age of 80 years or more at any time during the previous year and furnishing  the  return  in  Form ITR-1 or ITR-2),- (i) exceeds five lakh rupees; or (ii) any refund is claimed in the return of income;
		(c)  In any other case.	(A)      Electronically    under digital signature; or (B)      Transmitting the data in the return electronically under electronic verification code; or (C)      Transmitting the data in  the  return  electronically and thereafter submitting the verification of the return in Form ITR-V; or (D)      Paper form;
2	Company	In all cases.	Electronically  under   digital signature.
3	A      person required to furnish the return in Form ITR-7	(a) In case of a political party;	Electronically  under   digital signature;
		(b) In any other case	(A)       Electronically     under digital signature; or (B)       Transmitting the data in  the  return  electronically

			under  electronic  verification code; or (C)      Transmitting the data in  the  return  electronically and thereafter submitting the verification of the return in Form ITR-V.
4	Firm          or limited liability partnership or           any person (other than a person mentioned in Sl. 1 to 3 above) who is  required to file return in  Form ITR-5	(a)  Accounts are required to be audited under section 44AB of the Act;	Electronically  under   digital signature;
		(b)  In any other case.	(A)      Electronically    under digital signature; or (B)      Transmitting the data in the return electronically under electronic verification code; or (C)      Transmitting the data in  the  return  electronically and thereafter submitting the verification of the return in Form ITR-V.

Explanation.- For the purposes of this sub-rule “electronic verification code” means a code generated for the purpose of electronic verification of the person furnishing the return of income as per the data structure and standards specified by Principal Director General of Income-tax (Systems) or Director General of Income-tax (Systems).’

(d)  in sub-rule (4), for the words and brackets, “Director-General of Income-tax (Systems)”, the words and brackets “Principal Director-General of Income-tax (Systems) or Director- General of Income-tax (Systems)” shall be substituted;

(e) in sub-rule (5),  for the figures “2013”, the figures “2014” shall be substituted.

(2)  in  Appendix-II,  for  "Forms  SAHAJ (ITR-1),  ITR-2,  SUGAM (ITR-4S)  and  ITR-V"  the "Forms SAHAJ (ITR-1), ITR-2, SUGAM (ITR-4S) and ITR-V" shall respectively, be substituted, namely:-

                     [Notification No. 41/2015/ F.No.142/1/2015-TPL]

(Gaurav Kanaujia)

Director to the Government of India

To Download official Notification Click Here

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