CBDT vide its Notification No. 61 dated 29th July, 2015 has notified the ITR forms ITR-3, ITR-4, ITR-5, ITR-6 & ITR-7 for the Assessment Year 2015-16 related to Financial Year 2014-15. The new forms will be available for efiling shortly. The copy of the Notification is given below.
Central Board of Direct Taxes vide its notification No. 49/2015-INCOME TAX, Dated: June 22, 2015 has notified the income tax return forms ITR-1, ITR-2, ITR-2A & ITR-4S for filing return of income for the Assessment year 2015-16. The text of the said notification is given below. You can also download the copy of the said notification and copy of ITR forms notified from the links given below.
CBDT in its earlier press release mentioned that as the software for ITR forms is under preparation, they are likely to be available for e-filing by 3rd week of June 2015. Accordingly, the time limit for filing these returns for AY 2015-16 is proposed to be extended up to 31st August, 2015. A separate notification will be issued in this regard. Now CBDT has released this ORDER [F.NO.225/154/2015/ITA.II], DATED 10-6-2015 regarding extension of due date of filing Income Tax return for assessment year 2015-16. The said order is given below.
Due Date for filing of return of Income for Assessment Year 2014-15 Extended from 30th September, 2014 to 30th November, 2014 in Specified Cases. The copy of the press release issued in this regard by Central Board of Direct Taxes dated 26th September, 2014 is presented below.
Central Board of Direct Taxes (CBDT) extended the due date for obtaining and furnishing of the report of audit under section 44AB of the Act for Assessment Year 2014-15 in case of assessees who are not required to furnish report under section 92E of the Act from 30th day of September, 2014 to 30th November, 2014 vide F.No.133/24/2014-TP dated 20/08/2014. (Order Under Section 119 of the Income-tax Act, 1961)
CBDT Notifies new Form 3CA, 3CB & 3CD – Format of Tax Audit Report Revised
CBDT Revises Form 3CA, 3CB and 3CD vide Notification No. 33/2014 dated 25-07-2014. The Notification is attached herewith for ready reference which will be applicable from the date of its publication in official gazette.
Notification is as follows :-
CBDT Order U/s 119(1) Of The Income-tax Act, 1961
The CBDT has issued an order dated 24.07.2014 u/s 119 of the Income-tax Act, 1961 with regard to the filing of income-tax returns by the due date of 31.07.2014 and the making of special arrangements for that purpose.
Income-tax Notification No. 28/2014, Dated- 30th day of May, 2014
S.O. 1418(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:-
INCOME-TAX (FIFTH AMENDMENT) RULES, 2014 - SUBSTITUTION OF FORMS 49A AND 49AA
NOTIFICATION NO. 26/2014 [F.NO.142/15/2013-TPL]/SO 2045(E), DATED 16-5-2014
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:--
1. (1) These rules may be called the Income–tax (5th Amendment) Rules, 2014.
(2) They shall come into force on the date of their publication in the Official Gazette.
Income Tax department has issued a notification 24/2014 on 01.04.2014 and released New income tax return form ITR-1(Sahaj), ITR-2, ITR-4S(Sugum) and ITR-V for assessment year 2014-15. Further rule 12 has also amended and now E filing is mandatory for ITR-5 (without digital signature) also. However as earlier, in audit cases(44AB) firms are required to file returns with digital signature.
Extension of date for receipt of ITR-V in CPC, Bengaluru for the cases of AY 2O12-13 and 2O13-14 received/e-filed in FY 2O12-13
There are many taxpayers who have uploaded their Income Tax Returns(without digital signature Certificate) for A.Y. 2OI,z-Lg [filed between1.4.2012 to 31.1O.2O131 and for A.Y. 2013-14 [filed between L.4.2OL3 to 31.1O.2O131, but have either not filed the corresponding ITR-V or have filed it with the local Income-Tax Office. ITR-V is accepted only at CPC, Bengaluru by ordinary or speed post. Therefore an opportunity is being given to such taxpayers to regularize their Income-tax returns.
The Central Board of Direct Taxes (CBDT) has extended the time-limit for filing ITR-V Forms for Assessment Years 2009-10, 2010-11 and 2011-12 till 31.03.2014 for returns e-filed with refund claims within the time allowed under section 139 of the Income Tax Act.
The CBDT has issued Circuar 04/2014 dated 10.02.2014 pointing out that a large number of returns have become non-est as ITR-V was not furnished within the due date. As a result the refund claims have not been processed.
CBDT today clarified that the exemption from filing of income tax returns given to salaried person earning upto Rs.5 lakhs was only for assessment year 2011-12 and 2012-13. This exemption was given due to complexity of e filing facing by taxpayers as well as by tax officers in processing through manual entry on system.
Income Tax Department has released Income Tax Return (ITR ) 7 as Applicable for persons including companies required to furnish return under section 139(4A) or section 139(4B) or section 139(4C) or section 139(4D) for e-filing of Returns for A.Y. 2013-14 of Financial Year 2012-13. ITR form can be downloaded from the website https://incometaxindiaefiling.gov.in/ and from the link below this post.
As we all know that Finance Minister has made amendment that all the individuals having income more than Rs.5 lakhs is required to file their income tax return for the assessment year 2013-14. Thus it increases the number of individuals who would be filing e-returns significantly. Due date of filing tax return is not far away so it’s time to revise the procedure of e-filing of tax return or learn the process of e-filing for first timers.
Income Tax department has released the ITR-5 Excel utility for ay 2013-14 ,which can be used to e file income tax return.
1.Assessment Year for which this Return Form is applicable
This Return Form is applicable for assessment year 2013-2014 only, i.e., it relates to income earned in Financial Year 2012-13.
2. Who can use this Return Form?
This Form can be used a person being a firm, LLPs, AOP, BOI, artificial juridical person referred to in section 2(31)(vii), cooperative society and local authority. However, a person who is required to file the return of income under section 139(4A) or 139(4B) or 139(4C) or 139(4D) shall not use this form.
From assessment year 2013-14 onwards, where an assessee is required to furnish a tax audit report under sections 10(23C)(iv), 10(23C)(v), 10(23C)(vi), 10(23C)(via), 10A, 12A(1)(b), 44AB, 80-IA, 80-IB, 80-IC, 80-ID, 80JJAA, 80LA, 92E or 115JB, he shall file the report electronically upto the due date of filing the return of income as stated in rule 12 of the income tax rules amended via notification no 42 dated 11/6/2013.
At present two options are available for tax payers to e-file ITR, either e-file ITR by affixing digital signature or without affixing digital signature. In first case there is no need to send ITR-V to the I-T department’s CPC, based in Bangalore but in the later case tax payer is required to take a print out of ITR-V and send it to the I-T department’s CPC, based in Bangalore within 120 days of e-filing, in case tax payer fails to do so, his/her return would deemed to be invalid return.
Income Tax department finally launched the efiling for ITR-4 form. The schema for software developers was also launched alongwith. Also that the ITR-5, ITR-6 and ITR-7 forms was launched in PDF format. The efiling is expected to be soon launched for these forms as well.
You can Download the above mentioned forms from below Links.
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Tarun Kumar Gupta
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