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Extension of Due Date of Filling Income tax Return

Today we discuss on  Extension of Due Date of Filling Income tax Return. The Central Board of Direct Taxes (CBDT) on 10th June, 2015 by official notification extends the due date of filling return for financial year 2014-15 (Assessment Year 2015-16). As per notification the assesse which are required to file their Income tax return on or before 31st July, 2015 can file their Income tax return up to 31st Aug, 2015.

The reason behind extension of due date of filling of return is the introduction of new form of ITR for Income tax return purpose. In new form of ITRs many changes have been done. As Government of India wants to tax all the black money, for this purpose ministry have included many details relating to foreign assets, travellingetc. Ministry also tries to link Aadhar Card no. with PAN no. If an Aadhar card no. is linked with ITR then there is no need to send the ITR acknowledgement to Income Tax, Bengaluru.

For reading the official notification of extention of due date copy & paste the below link in your browser:  https://incometaxindiaefiling.gov.in/eFiling/Portal/StaticPDF/Order_under_section_119.pdf

 

As of today on 31.07.2015 CBDT has notify all the types of ITRs but only four type of ITRs are available for download. Now we are going to discuss all types of ITRs & the purpose for which they are used.

ITR 1(Sahaj):

This ITR is used to file the Income tax return of those individuals who are having income from salary or Interest income only.

Changes made: The new Form ITR 1 is similar to the old one of preceding year (FY 2013-14) the only change is inclusion of all bank Account details in the new one. In the new ITR 1 assesse has to mention the account details of all the bank in which he/she has an account.

ITR 2:

This ITR is used to file the Income tax return of those assesse (Individual & HUF) who are not having income from business or profession. The assesse who has income from house property, other sources, capital gain apart from salary income can file their income tax return by using this ITR.

Changes made: The new Form ITR 2 is similar to the old one of preceding year (FY 2013-14) but few changes has taken place. The changeis assesse has to mention the account details of all the bank in which he has an account& assesse has to mention the details of assets located outside the country. The assesse has to also mention the details of income earned from outside the india.

ITR 2A:

This form of ITR is newly introduced ITR. This ITR is used to file the Income tax return of those assesse(Individual & HUF)  who are not having income from business or profession and capital gains & the assesse is not holding any foreign assets. The assesse who has income from house property, other sources apart from salary income can file their income tax return by using this ITR. The reason for introduction of ITR 2A to make bifurcation between the assesse having foreign assets or not

ITR 4S (Sugam):

This ITR is used to file the Income tax return of those assesse(Individual & HUF) who are showing income on presumption basis i.e. showing profit at 8% of total turover.

Changes made: The new Form ITR 4S is similar to the old one of preceding year (FY 2013-14) the only change is inclusion of all bank Account details in the new one. In the new ITR 4S assesse has to mention the account details of all the bank in which he/she has an account.

The ITR 3, ITR 4, ITR 5, ITR 6, ITR 7

This can be view only. you cannot download yet.

 

FURTHER  EXTENSION OF DUE DATE FOR FILING OF INCOME TAX RETURN –

CBDT has further extended the date from 31st August to 7th September for all the taxpayers via notification 119 of the income tax act, 1961. Click here to view full post – http://www.taxbaniya.com/further-extension-of-due-date-of-filing-income-tax-return-for-assessment-year-2015-16/

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