With the tax filing season getting hot with each passing day – we bring to you a snapshot of changes in the ITR forms between the last assessment year (2013-14) and the current assessment year (2014-15). Remember that ClearTax automatically chooses the right form for you – so you don’t have to worry about choosing which form to fill! We have all the form changes incorporated – so you don’t have to worry about your return at all! Here are 10 significant changes in ITR forms from last year and you can read through the details in the table below –
- All refunds to be now received via ECS – no refunds via cheques
- Space added to claim relief under section 87A – go here to know if you are eligible https://blog.cleartax.in/section-87a-rebate-of-rs-2000/
- Space added to claim deduction under section 80EE – know about it here – https://blog.cleartax.in/section-80ee-deduction-on-interest-on-home-loan/
- Details of Allowances or Exempt Income under section 10 under the head Income from Salary
- Short Term and Long Term Capital Gains details to be now bifurcated between Immovable Property – Equity Shares or Mutual Funds – Bonds Debentures.
- Detailed information about capital gains exemption claimed – providing details of cost of new house purchased, date of purchase or amount deposited in capital gains savings account scheme
- Details of unclaimed TDS/TCS of past years and amount carried forward to future years
- Transactions with Cyprus to be reported in the new forms – now subject to various compliances and reporting.
- Reporting of Identification Numbers issued by Ministry of Corporate Affairs to Companies, Directors and LLPs
- Furnish PAN number of Debtors for whom deduction claimed for bad debts
Here are the changes in Detail