Saturday, June 27, 2015

Due date for filing Income Tax Returns Extend, New ITR 1, INR 4S Return Forms, Schema & Validation Rules for the A.Y.2015-16



INDEX
  1. NOTIFICATION OF NEW ITR FORMS
  2. EXTENSION OF DUE DATE OF FILING RETURN OF INCOME FOR A.Y.2015-16
  3. ITR 1 – VALIDATION RULES FOR A.Y - 2015-16
  4. ITR 4S – VALIDATION RULES FOR A.Y - 2015-16
  5. DOWNLOAD NEW SCHEMA & INCOME TAX RETURN FORMS OF ITR 1 & ITR 4S FOR A.Y. 2015-16.


1. NOTIFICATION OF NEW ITR FORMS

CBDT has notified ITR 1, ITR 2, ITR 2A & ITR 4S for AY 2015-16 and amended Rule 12. These forms will substitute the previously notified ITR 1, 2 and 4S forms

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:-
  • These rules may be called the Income-tax (8th Amendment) Rules, 2015.
  • They shall be deemed to have come into force with effect from the 1st day of April, 2015.
1. In the Income-tax rules, 1962,− in rule 12 - 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;”;

2. In the Income-tax rules, 1962,− in rule 12 - 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.

3. 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:- 

2. EXTENSION OF DUE DATE OF FILING RETURN OF INCOME FOR A.Y. 2015-16

The Central Board of Direct Taxes, in exercise of powers conferred under  section 119 of the Income-tax Act, 1961, hereby extends the 'due-date' for filing Returns of Income, in terms of clause (c) of Explanation 2 to sub-section (1) of section 139 of the Income-tax Act, 1961, for Assessment Year 2015-16 from  31st July, 2015 to 31 August, 2015 in respect of income tax assessees concerned.


3. ITR 1 – VALIDATION RULES FOR A.Y. 2015-16

1.Purpose
The Income Tax Department has provided free return preparation software in the downloads page as well as facility for online ITR submission for ITRs 1&4S which are fully compliant with data quality requirements. However, there are commercially available software or websites that offer return preparation facilities as well. In order to improve the data quality received through in ITRs prepared through such commercially available software, various types of validation rules are being deployed in the e-Filing portal so that the data which is being uploaded can be validated to a large extent. Taxpayers are advised to review the same to ensure that the software that is used is compliant with these requirements to avoid rejection of return due to poor data quality or mistakes in the return. Software providers are strictly advised to adhere to these rules to avoid inconvenience to the taxpayers who may use their software.

2.Validation Rules
The validation process at e-Filing/CPC end is to be carried out in ITR1 for each defect as categorized below:

2.1: Category A:



Sl.No
Scenarios
1
Tax computation has been disclosed but Gross Total Income is nil.
2
"Income details" and "Tax computation" have not been disclosed but details regarding “Taxes Paid” have been disclosed.
3
Gross Total Income is not equal to the Total of Incomes from Salary,House Property & Other Sources.
4
"TDS" or "Tax paid" claimed in “Part D - Tax Computation and Tax Status” is inconsistent with the details provided in Sch IT, Sch TDS1 & Sch TDS2.
5
The details of "Bank Accounts held during the year” do not match the number of bank accounts reported.
6
When "House Property" is "Self occupied", loss from HP is more than 2 lakhs.
7
The assessee is governed by Portuguese Code but "PAN of Spouse" is not provided.
8
In Sch 80G Donee PAN is same as "Assesse PAN" or "PAN at Verification"
9
"Name" of taxpayer in ITR does not match with the "Name" as per the PAN data base.
10
The sum of amounts claimed at TDS, Advance Tax & Self-Assessment Tax is not equal to the amount claimed at “Total Taxes Paid”.

 2.2: Category B:
 
Sl.No
Scenarios
1
Tax determined as Payable in the return has not been paid.


 2.3: Category C:


Sl.No
Scenarios
1
Deduction u/s 80G is claimed but details are not provided in Schedule 80G.
2
Amount of Salary disclosed in Schedule TDS 1 is different with the income under the head Salary.



 4. ITR 4S – VALIDATION RULES FOR A.Y - 2015-16

1.Purpose
The Income Tax Department has provided free return preparation software in the downloads page as well as facility for online ITR submission for ITRs 1&4S which are fully compliant with data quality requirements. However, there are commercially available software or websites that offer return preparation facilities as well. In order to improve the data quality received through in ITRs prepared through such commercially available software, various types of validation rules are being deployed in the e-Filing portal so that the data which is being uploaded can be validated to a large extent. Taxpayers are advised to review the same to ensure that the software that is used is compliant with these requirements to avoid rejection of return due to poor data quality or mistakes in the return. Software providers are strictly advised to adhere to these rules to avoid inconvenience to the taxpayers who may use their software.

2.Validation Rules
The validation process at e-Filing/CPC end is to be carried out in ITR 4S for each defect as categorized below



2.1: Category A:
 

Sl.No
Scenarios
1
Tax computation has been disclosed but Gross Total Income is nil.
2
 "Income details" and "Tax computation" have not been disclosed but details regarding “Taxes Paid” have been disclosed.
3
Total Presumptive Income u/s 44AD is less than 8% of Gross Turnover or Gross Receipts.
4
Income u/s 44AD is more than the Gross Receipts
5
Gross Total Income is not equal to the Total of Incomes from Salary, House Property & Other Sources.
6
Non-Resident assessee has claimed Income u/s 44AD.
7
“TDS” or "TCS" or "Tax paid" claimed in “Part D - Tax Computation and Tax Status” is inconsistent with the details provided in Sch IT, Sch TDS1, Sch TDS2 & Sch TCS.
8
The details of "Bank Accounts held during the year” do not match with the number of bank accounts reported.
9
When "House Property" is "Self occupied", loss from HP is more than 2 lakhs.
10
The assessee is governed by Portuguese Code but "PAN of Spouse" is not provided.
11
Donee PAN is same as "Assesse PAN" or "PAN at Verification"
12
"Name" as per ITR does not match with the "Name" as per the PAN data base.
13
The sum of amounts disclosed at TDS, TCS, Advance Tax & Self- Assessment Tax is not equal to the amount disclosed at Total Taxes Paid.
14
Non-compliances with respect to section 44AE;
i)  Period of holding per vehicle is more than 12 months
OR
ii) Total period of holding is more than 120 months.
15
Presumptive Income from one Goods Carriage is less than Rs. 7500/-.


 2.2: Category B:
 

Sl.No
Scenarios
1
Tax determined as Payable in the return has not been paid.


  2.3: Category C:



Sl.No
Scenarios
1
Total Presumptive Income u/s 44AE is disclosed but details are not provided in Schedule 44AE.
2
Deduction u/s 80G is claimed but details are not provided in Schedule 80G
3
Amount of Salary disclosed in Schedule TDS 1 is different with the income under the head Salary.
 


5. DOWNLOAD NEW SCHEMA & INCOME TAX FORMS OF ITR-1 & ITR-4S FOR A.Y - 2015-16

 Release Date: 23/06/2015

Open the following URL and Download New Schema & Income Tax Return Form of ITR 1 & ITR 4S For the A.Y.2015-16
https://incometaxindiaefiling.gov.in/#
 



3 comments:

  1. Losses from HP (housing property) field 3C is automatically reflected in 2i of CYLA in ITR-2A. However system is giving validation error as figure in HP (3c) is not matching with CYLA (2i). Looks like it is system validation error for ITR-2A for AY2015-16

    ReplyDelete
  2. Easily file ITR return for income from business or professional | Professionals, Freelancers or businessmen can file ITR return, Online filing of tax return for income from business (ITR-4). Professional (Lawyers, doctors, chartered accountants, designers, agents etc) can file presumptive income (ITR 4S) as TaxRaahi for free.

    ReplyDelete
  3. Thanks for sharing this informative post.
    Have a good day

    ReplyDelete

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