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Income Tax Services Transfer Pricing New IT Return Forms

 

New IT Return Forms

The Ministry of Finance notified new Return Forms for the AY 2015-16, whereby firms who are liable for tax audit under s.44AB of the Income Tax Act 1961 and Corporate taxpayers mandatory to file their return electronically under digital signature . All other categories of taxpayers (other than charitable trusts, institutions, etc.) could file the return in a paper form or electronically, or in a bar-coded return form. Individual and HUF taxpayers were required to furnish only that information with regard to transactions, which were reported through Annual Information Returns (AIR).

CBDT Introduces New Series of Forms for Filing of Income Tax Return for the Assessment Year 2015-16

The Forms for Return of Income are assessment year specific. For the assessment year 2015-16, the Central Board of Direct Taxes have introduced the following eight Return Forms under a new series

 

ITR 1 (Sahaj) Return of income for individuals having income from Salary/ Pension/ family pension and interest.
ITR 2 Return of income for individuals and HUFs not having income from business or profession.
ITR 3 Return of income for individuals/HUFs being partners in firms and not carrying out business or profession under any proprietorship.
ITR 4 Return of income for individuals and HUFs having income from a proprietory business or profession.
ITR 4S (Sugam) Presumptive business income tax return
ITR 5 Combined form for return of income (Including Fringe Benefit Tax Return) For firms, AOPs and BOIs
ITR 6 Combined form for return of income (Including Fringe Benefit Tax Return) for companies other than companies claiming exemption under section 11.
ITR 7 Combined form for return of income and fringe benefits for Charitable / religious trusts, political parties and other non- profit organizations.
Acknowledgement

 

All these Forms (except Form ITR-7) have been designed as annexure-less so as to make them amenable for electronic filing.

Last year, electronic filing was made compulsory for corporate tax-payers. E-filing of corporate returns has been a resounding success. Therefore, it is important to carry forward this successful initiative. In the Budget Speech – 2007, the Finance Minister had announced that electronic filing of returns would be made mandatory for more categories of taxpayers. Accordingly, for assessment year 2009-10, it would be mandatory for firms liable to tax audit under section 44AB to file their returns electronically. Corporate taxpayers and such firms may either file their return electronically under digital signature or may transmit the data of the return electronically and thereafter submit a one page verification Form which contains a summary of the return transmitted electronically.

All other categories of taxpayers (other than charitable trusts, institutions, etc.) will have the option to file the return in a paper form or electronically, as mentioned above, or in a bar-coded return form. Last year, the Government had introduced a cash flow statement for Individuals and HUFs. However, in response to representations against the cash flow statement, the same has been withdrawn. Individual and HUF taxpayers would now be required to furnish only information with regard to transactions which are reported through Annual Information Returns (AIR).