Changes in Income Tax Return form ITR-4 for Assessment Year 2015-16

The Income Tax Department has released income tax return form ITR-4 for assessment year (AY) 2015-16 applicable for income earned in the financial year (FY) 2014-15. Here we list down the changes in these forms from the last FY 2013-14.

You can e-file ITR-4 on ClearTax.

The following are the significant changes from last year’s form

  • Aadhaar Card information & Passport number – In case of an individual if the tax payer has an aadhaar card that has to be provided and a passport number also where available.

 

  • Details of Bank Accounts held – Similar to other ITR -1, ITR-2, ITR-2A – details have been requested for IFS Code of the bank, name of the bank, account number, whether it’s a savings or current and account in which refund should be credited. Here is a snapshot

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  • Foreign Assets – Information about whether assets located outside India are held, any signing authority in account outside India or whether there is income from any source outside India, in case yes is ticked here, details have to be provided in Schedule FA.

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  • New 7a in Schedule CG (under short term gains)– Details of utilisation of capital gains account scheme – if any gains were transferred a capital gains account scheme in the earlier years and how those were unutilized. Unutilized amounts as deemed as short term capital gains.

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  • New 9 in Schedule CG (under short term gains)– For non-residents any short term capital gains not charged to tax due to DTAA. Details of DTAA have been asked for.

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  • New 9 and 10 in Schedule CG (under long term capital gains) – similar to information asked for short term gains for capital gains utilisation and DTAA details for non-residents

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  • Under Schedule AMT – additional information on deduction claimed under section 35AD as reduced by the amount of depreciation on assets on which such deduction has been claimed

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  • Schedule EI – Additional Details of exempt income – Instead of net agricultural receipts, gross agricultural receipts have been requested – with details of expenses incurred on agriculture, unabsorbed loss of previous 8 years.

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  • Schedule FA – to be filled up in case of foreign assets, signing authority in a foreign bank account and foreign income additional details have been asked for.

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  • Schedule IT, TDS 1, TDS 2, TCS have been moved along with the main section of the ITR just after verification signatures and taken off from the schedules.

Reach out to support@cleartax.in if you have any questions about ITR-4 or need help to e-file it.

 

6 Responses to Changes in Income Tax Return form ITR-4 for Assessment Year 2015-16

  1. Kshitij August 1, 2015 at 3:39 am #

    I own shares of company, bought through ESPP, MNC listed in US. Do I have to show those as foreign assets?
    My form 12BA reflects the amount purchased.
    If I have to show what value do I have to show – one mentioned in Form 12BA or current value

    • Neeraj August 9, 2015 at 5:39 pm #

      I have the same doubt Kshitij has. Can someone please reply from cleartax?

  2. shrishti August 1, 2015 at 3:43 am #

    I was filling ITR1 and I am getting error “the amount of salary disclosed in “Income details/Part BTI” is less than 90% of Salary reported in Schedule TDS1.
    How to fix it?

    • cleartax-team August 1, 2015 at 10:24 am #

      Hi Shrishti, if you are filing your return at ClearTax, please send us an email support@cleartax.in and our experts will assist you.

  3. Tagore August 9, 2015 at 6:11 pm #

    How to e-verify your income tax return using EVC?
    My tax return is e-verified thru aadhar card.
    When i printed the IT return acknowledgment it came with red color note”DO NOT SEND THIS ACKNOWLEDGEMENT TO CPC BENGALURE” .What it means/

    • cleartax-team August 10, 2015 at 10:46 am #

      If you have successfully e-verified your tax return, you don’t need to send your physical ITR-V to CPC, Bangalore.