9 Changes in new return forms [ITR 1, 2, 2A, 4S] for Assessment year 2015-16
The new ITR forms notified on June 22, 2015 provide immunity to the taxpayer from furnishing details about the bank accounts which have become dormant. The ‘ dormant ‘ account shall be those current and saving bank accounts which have not been operational for more than 3 years.
Following details shall be reported in respect of each bank account held by assessee in India:
1. a) IFSC Code of the Bank
2. b) Name of the Bank
3. c) Account Number
4. d) Nature of the bank account, i.e., current account or saving account
3. Details of foreign travelling not required to be reported, except Passport No. [ITRs 2, 2A]
The assessee should furnish his Passport number, if available.
4. Reporting of Aadhaar Number [ITRs 1, 2, 2A, 4S]
The ITR forms require assessee to provide his Aadhaar Number (if assessee has obtained the same).
The amount so deposited in the capital gains account scheme u/s 54, 54B ,54F etc. should be utilized for investment in specified asset within specified time-limit, otherwise the unutilized amount shall be chargeable to tax in the previous year in which the time-limit expires. The unutilized amount would be taxable as short-term capital gain/long-term capital gain, depending upon the nature of original capital gain.
The details which are required to be provided if amount is deposited in capital gains account scheme are as follows:
2. b) Section under which exemption is claimed
3. c) Year in which new asset is acquired
4. d) Amount utilized out of capital gains account scheme to acquire new asset
5. e) Amount that has remained unutilized in capital gains account scheme or amount which is not used for making investment in specified new asset
If capital gain or residuary income of assessee is taxable as per provisions of the DTAA entered into between India and a foreign country, of which the assessee is a resident, following details shall be furnished in the return:
2. b) Relevant Article of the DTAA
3. c) Rate of tax under DTAA (applicable in case of residuary income)
4. d) Confirmation if TRC has been obtained
5. e) Corresponding section of the Act which prescribe the rate of tax (applicable in case of residuary income)
6. f) Amount of income
The ITR forms seek more details about the foreign assets and income from any source outside India. Schedule FA is substituted which requires assessee to provide detailed information about such foreign assets and income. The additional disclosures in the new ITR form shall be as under:
1. a) Status of account holder (i.e., Owner/ Beneficial Owner/Beneficiary)
2. b) Date of opening of such bank account;
3. c) Interest accrued in the account; and
4. d) Details about the interest offered to tax in the return.
1. a) Nature of financial interest (direct, beneficial ownership or beneficiary) in such entity;
2. b) Date since such interest is held;
3. c) Income accrued from such interest;
4. d) Nature of income; and
5. e) Details about the income offered to tax in this return.
1. a) Whether ownership in such asset is direct or beneficial or as beneficiary;
2. b) Date of acquisition of such asset;
3. c) Income derived from such asset;
4. d) Nature of income; and
5. e) Details about the income offered to tax in this return
1. a) Whether income accrued in such account is taxable in assessee’s hands; and
2. b) If yes then furnish details about the income offered to tax in this return
1. a) Date since the position of trustee or beneficiary or settlor held in foreign trust;
2. b) Whether income derived from the trust is taxable in assessee’s hands; and
3. c) If yes, details about the income offered to tax in this return
1. a) Country Name and Code;
2. b) Name and address of the person from whom income is derived;
3. c) Amount of income derived;
4. d) Nature of income;
5. e) Whether income is taxable in assessee’s hands; and
6. f) If yes, details about the income offered to tax in this return.
The Schedule EI in ITR forms requires assessee to provide following figures separately:
1. a) Gross agricultural receipts
2. b) Expenditure incurred on agriculture
3. c) Unabsorbed agricultural loss of previous eight assessment years
4. d) Net agricultural income for the year.
As per the existing proviso to Section 112, if tax payable on long-term capital gains arising on transfer of a capital asset, being listed securities or units or zero coupon bonds, exceeds 10% per cent of the amount of capital gains before allowing for indexation adjustment, then such excess shall be ignored.