{"id":141,"date":"2015-06-24T12:56:39","date_gmt":"2015-06-24T12:56:39","guid":{"rendered":"http:\/\/carajput.com\/blog\/?p=141"},"modified":"2021-12-13T13:50:50","modified_gmt":"2021-12-13T08:20:50","slug":"important-update-on-income-tax-notified-itr-1-itr-2-itr-4s-for-a-y-2015-16-and-changes-in-rule-12-of-income-tax-rules-1962-related-to-conditions-of-filing-of-itr-cbdt-notifies","status":"publish","type":"post","link":"https:\/\/carajput.com\/blog\/important-update-on-income-tax-notified-itr-1-itr-2-itr-4s-for-a-y-2015-16-and-changes-in-rule-12-of-income-tax-rules-1962-related-to-conditions-of-filing-of-itr-cbdt-notifies\/","title":{"rendered":"corporate and professional update for the month"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_58 counter-hierarchy ez-toc-counter ez-toc-light-blue ez-toc-container-direction\">\n<p class=\"ez-toc-title\">Page Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-69d01f31a8c3e\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #000000;color:#000000\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #000000;color:#000000\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-69d01f31a8c3e\"  aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/carajput.com\/blog\/important-update-on-income-tax-notified-itr-1-itr-2-itr-4s-for-a-y-2015-16-and-changes-in-rule-12-of-income-tax-rules-1962-related-to-conditions-of-filing-of-itr-cbdt-notifies\/#IMPORTANT_UPDATE_ON_INCOME_TAX_NOTIFIED_ITR-1_ITR-2_ITR-4S_FOR_A_Y_2015-16_AND_CHANGES_IN_RULE_12_OF_INCOME_TAX_RULES_1962_RELATED_TO_CONDITIONS_OF_FILING_OF_ITR_%E2%80%93_CBDT_NOTIFIES\" title=\"IMPORTANT UPDATE ON INCOME TAX: NOTIFIED ITR-1, ITR-2 &amp; ITR-4S FOR A. Y. 2015-16 AND CHANGES IN\u00a0RULE 12 OF INCOME TAX RULES, 1962\u00a0RELATED TO CONDITIONS OF FILING OF ITR &#8211; CBDT\u00a0NOTIFIES\">IMPORTANT UPDATE ON INCOME TAX: NOTIFIED ITR-1, ITR-2 &amp; ITR-4S FOR A. Y. 2015-16 AND CHANGES IN\u00a0RULE 12 OF INCOME TAX RULES, 1962\u00a0RELATED TO CONDITIONS OF FILING OF ITR &#8211; CBDT\u00a0NOTIFIES<\/a><ul class='ez-toc-list-level-3'><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/carajput.com\/blog\/important-update-on-income-tax-notified-itr-1-itr-2-itr-4s-for-a-y-2015-16-and-changes-in-rule-12-of-income-tax-rules-1962-related-to-conditions-of-filing-of-itr-cbdt-notifies\/#General_Applicable_to_all_ITR_forms\" title=\"General (Applicable to all ITR forms)\">General (Applicable to all ITR forms)<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/carajput.com\/blog\/important-update-on-income-tax-notified-itr-1-itr-2-itr-4s-for-a-y-2015-16-and-changes-in-rule-12-of-income-tax-rules-1962-related-to-conditions-of-filing-of-itr-cbdt-notifies\/#ITR-1\" title=\"ITR-1 \n\">ITR-1 \n<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/carajput.com\/blog\/important-update-on-income-tax-notified-itr-1-itr-2-itr-4s-for-a-y-2015-16-and-changes-in-rule-12-of-income-tax-rules-1962-related-to-conditions-of-filing-of-itr-cbdt-notifies\/#Changes_in_ITR-2\" title=\"Changes in ITR-2\">Changes in ITR-2<\/a><ul class='ez-toc-list-level-4'><li class='ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/carajput.com\/blog\/important-update-on-income-tax-notified-itr-1-itr-2-itr-4s-for-a-y-2015-16-and-changes-in-rule-12-of-income-tax-rules-1962-related-to-conditions-of-filing-of-itr-cbdt-notifies\/#ITR-4S\" title=\"ITR-4S \n\">ITR-4S \n<\/a><\/li><\/ul><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h2 style=\"text-align: justify;\"><\/h2>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2015\/11\/Untitled7.png\" rel=\"attachment wp-att-1694\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-1694\" src=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2015\/11\/Untitled7-300x139.png\" alt=\"Untitled7\" width=\"816\" height=\"378\" srcset=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2015\/11\/Untitled7-300x139.png 300w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2015\/11\/Untitled7.png 620w\" sizes=\"(max-width: 816px) 100vw, 816px\" \/><\/a><\/p>\n<h2 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"IMPORTANT_UPDATE_ON_INCOME_TAX_NOTIFIED_ITR-1_ITR-2_ITR-4S_FOR_A_Y_2015-16_AND_CHANGES_IN_RULE_12_OF_INCOME_TAX_RULES_1962_RELATED_TO_CONDITIONS_OF_FILING_OF_ITR_%E2%80%93_CBDT_NOTIFIES\"><\/span><span style=\"color: #000080;\"><strong>IMPORTANT UPDATE ON INCOME TAX: NOTIFIED ITR-1, ITR-2 &amp; ITR-4S FOR A. Y. 2015-16 AND CHANGES IN\u00a0RULE 12 OF INCOME TAX RULES, 1962\u00a0RELATED TO CONDITIONS OF FILING OF ITR &#8211; CBDT\u00a0NOTIFIES<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p style=\"text-align: justify;\">CBDT has\u00a0vide\u00a0<span style=\"color: #ff6600;\"><strong>Notification No.<\/strong>\u00a0<strong>41\/2015 dated 15-04-2015<\/strong><\/span>\u00a0notified Form\u00a0<span style=\"color: #ff6600;\"><strong><a href=\"https:\/\/www.caindelhiindia.com\/blog\/file-your-income-tax-return-itr\/\">ITR<\/a><a href=\"https:\/\/carajput.com\/blog\/tag\/filing-of-income-tax-return\/\">-1,<\/a> ITR-2 and ITR-4S<\/strong><\/span>\u00a0for Assessment Year 2015-16 i.e. Financial Year 2014-15.The Notification also made Several Changes in<strong>\u00a0<span style=\"color: #ff6600;\">Rule 12 of Income Tax Rules, 1962<\/span><\/strong>\u00a0which is related to Condition of Filing of Income Tax Return.\u00a0 A brief summary of Changes is as follows:-<\/p>\n<h3 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"General_Applicable_to_all_ITR_forms\"><\/span><span style=\"color: #ff6600;\"><strong><span style=\"text-decoration: underline;\">General (Applicable to all ITR forms)<\/span><\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ul style=\"text-align: justify;\">\n<li>E filing has now been made compulsory in case of Claiming a Refund in ITR.<\/li>\n<li>Super Senior citizens are now allowed to file\u00a0 ROI in paper form even though their income exceeds Rs 5 lakhs subject to other conditions.<\/li>\n<li>Introduction of Electronic Verification Code (EVC) for verification of return of income filed as an option instead of sending ITR-V to CPC, Bangalore. Accordingly, the assessee will have the following three options regarding the manner of furnishing of returns filed electronically :<\/li>\n<li>E filing using digital signature; or<\/li>\n<li>E Filing with electronic verification code (EVC)-\u00a0<span style=\"color: #ff6600;\"><strong>no need to send ITR V to CPC<\/strong>; or<\/span><\/li>\n<li>E Filing and thereafter submitting the verification of the return in Form ITR-V to CPC.<\/li>\n<li>Introduction of furnishing Aadhar Card Number in ROI. Which will be used for the EVC system introduced as mentioned above.<\/li>\n<li>In case the assessee does not have Aadhar Card Number then the old system of submitting the verification of the return in Form ITR-V to CPC will continue.<\/li>\n<li>Details of\u00a0<span style=\"color: #ff6600;\"><strong>all bank accounts\u00a0<\/strong><\/span>with Bank name, IFSC Code, Name of Joint Holder, if any, Account number, Account balance as of 31.03.2015 mandatorily to be provided. Details to be provided even for those accounts which have been closed during the year.<\/li>\n<li>ITR-1 (SAHAJ) &amp; ITR-4S (Sugam) cannot be filed by an individual who has earned any income from a source outside India.<\/li>\n<\/ul>\n<h3 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"ITR-1\"><\/span><strong><span style=\"text-decoration: underline;\"><span style=\"color: #ff6600;\">ITR-1<\/span><br \/>\n<\/span><\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ul style=\"text-align: justify;\">\n<li>Introduction of furnishing Aadhar Card Number in ROI. Which will be used for the EVC system introduced as mentioned above.<\/li>\n<li>Details of all bank accounts with Bank name, IFSC Code, Name of Joint Holder, if any, Account number, Account balance as of 31.03.2015 mandatorily to be provided. Even those accounts which are closed during the year.<\/li>\n<\/ul>\n<h3 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"Changes_in_ITR-2\"><\/span><span style=\"color: #ff6600;\"><strong><span style=\"text-decoration: underline;\">Changes in ITR-2<\/span><\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ul style=\"text-align: justify;\">\n<li>Details of Foreign Travel made if any (For resident and nonresident both) includes, Passport No, Issued at, name of the country, number of times traveled and expenditure<\/li>\n<li>Details of the utilization of amount deposited in capital gain account scheme for years proceeding to last two assessment years. Particulars asked include the year of utilization, amount utilized, amount unutilized lying idle in capital gain account scheme till the date of filing of return of income.<\/li>\n<li>In case of LTCG &amp; 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?,<\/li>\n<li>For Non-resident, Income from other sources, If any income chargeable to tax at the 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.<\/li>\n<li>In schedule, FA- Foreign assets disclosure, following details added.<\/li>\n<\/ul>\n<ol style=\"text-align: justify;\">\n<li>a) Foreign Bank accounts details: It is now further required to furnish Account number, account opening date, Interest\/income accrued from such account If any along with details of the head of income and schedule under which such income is shown if offered to tax in India.<\/li>\n<li>b) In a 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.<\/li>\n<li>c) Similar disclosure requirement is also required for Immovable property outside India, a capital asset held outside India, the trust held outside India<\/li>\n<\/ol>\n<h4 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"ITR-4S\"><\/span><strong><span style=\"text-decoration: underline;\"><span style=\"color: #ff6600;\">ITR-4S<\/span><br \/>\n<\/span><\/strong><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<ul style=\"text-align: justify;\">\n<li>Introduction of furnishing Aadhar Card Number in ROI. Which will be used for EVC system introduced as mentioned above.<\/li>\n<li>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.<\/li>\n<\/ul>\n<p style=\"text-align: justify;\">The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances; Hope the information will assist you in your Professional\u00a0endeavors. For query or help, contact:\u00a0\u00a0\u00a0<a href=\"mailto:singh@carajput.com\">singh@carajput.com<\/a>\u00a0or call at 9555555480<\/p>\n<p style=\"text-align: justify;\">\n","protected":false},"excerpt":{"rendered":"<p>IMPORTANT UPDATE ON INCOME TAX: NOTIFIED ITR-1, ITR-2 &amp; ITR-4S FOR A. Y. 2015-16 AND CHANGES IN\u00a0RULE 12 OF INCOME TAX RULES, 1962\u00a0RELATED TO CONDITIONS OF FILING OF ITR &#8211; CBDT\u00a0NOTIFIES CBDT has\u00a0vide\u00a0Notification No.\u00a041\/2015 dated 15-04-2015\u00a0notified Form\u00a0ITR-1, ITR-2 and ITR-4S\u00a0for Assessment Year 2015-16 i.e. Financial Year 2014-15.The Notification also made Several Changes in\u00a0Rule 12 of &hellip;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[150,9],"tags":[2803,2801,2799,2802,2800,2798],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/141"}],"collection":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/comments?post=141"}],"version-history":[{"count":5,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/141\/revisions"}],"predecessor-version":[{"id":19725,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/141\/revisions\/19725"}],"wp:attachment":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/media?parent=141"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/categories?post=141"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/tags?post=141"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}