Salaried class with no capital gains to file either ITR-1 or ITR-2A
IT Dept.has released Income Tax Returns which will have to be filed by Income Tax Assessees on or before 31st August 2015.
Income Tax Returns for the year 2014-15 (Assessment Year 2015-16) were originally notified in the month of April 2015. However, on representations from income tax payers for certain complications in the filing of Income Tax Returns, Govt came forward to revise ITRs after simplifying those.
Consequently, Income Tax Department has released ITR-1, ITR-2, ITR-2A, and ITR-4S now after simplification.
No major change in ITR-1
ITR-1 will be applicable to Salaried Employees having Income or loss from only one house property and without Capital Gains
ITR-2A for Salaried Class with out Capital Gains and more than one House Property
ITR-2A will have to be filed by Salaried Employees who have income or loss from more than one house property and without Capital Gains.
ITR-2 is meant for Salaried Employees who have income or loss from more than one house property and having Capital Gains.
From the Instructions for filing of Income Tax Returns released by IT Department along with ITR, it could be concluded that Majority of Salaried Employees will be covered by ITR-1 and ITR-2A as number of Salaried Employees who have Capital Gains will be very minimal.
Common Instructions for Filing ITR for the Year 2014-15 (Applicable to ITR-1, ITR-2 and ITR-2A)
1. Applicable for IT Assessment year 2015-16 i.e., Financial Year 2014-15.
2. Income Tax Return Form can be filed with the Income-tax Department in any of the following ways, –
(i) by furnishing the return in a paper form;
(ii) by furnishing the return electronically under digital signature;
(iii) by transmitting the data in the return electronically under electronic verification code;
(iv) by transmitting the data in the return electronically and thereafter submitting the verification of the return in
Return Form ITR-V;
Return Form ITR-V;
3. From the assessment year 2015-16 onwards any assessee (other than an individual of the age of 80 years or more at any time during the previous year) having a refund claim in the return or having total income of more than five lakh rupees is required to furnish the return in the manner provided at 5(ii) or 5(iii) or 5(iv).
4. Where the Return Form is furnished in the manner mentioned at 5(iv), the assessee should print out two copies of Form ITR-V. One copy of ITR-V, duly signed by the assessee, has to be sent by ordinary post to Post Bag No. 1, Electronic City Office Bengaluru–560100 (Karnataka). The other copy may be retained by the assessee for his record.
5. No document (including TDS certificate) should be attached to this Return Form. All such documents enclosed with this Return Form will be detached and returned to the person filing the return.
6. While filing Paper ITR (Manual filing of ITR) filling out the acknowledgement – ITR-V is neccessary. Only one copy of ITR-V is required to be filed.
Instructions for filing ITR-1
Who can use ITR-1 ?
ITR-1 is to be use by an individual whose total income for the assessment year 2015-16 included:
a) Income from Salary / Pension; or
b) Income from One House Property (excluding cases where loss is brought forward from previous years); or
c) Income from other sources (excluding winning from Lottery and income from race horses)
NOTE : When 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 only if the income being clubbed falls into the above income categories.
Who cannot use ITR-1 ?
ITR-1 can not be used by on individual whose total income for the assessment year 2015-16 includes:-
a) Income from more than one house property; or
(b) Income from Winnings from lottery or income from Race horses; or
(c) Income under the head Capital Goins e.g., short-term capitol gains or long-term capital gains from sale of house, plot, shopes etc.; or
(d) Agricultural income in excess of Rs. 5,000; or
(e) Income from Business or Profession; or
(f) Loss under the head “Income from other sources” ; or
(h) Any resident having any asset outside India ; or
(i) Any Resident having income from any source outside India.
Instructions for filing ITR-2A
Who can use ITR-2A ?
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.
Who cannot use ITR-2A ?
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.
Instructions for filing ITR-2
Who can use ITR-2 ?
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 Capital Gains; or
(d) 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.
Who cannot use ITR-2 ?
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 Income from Business or Profession.
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