Changes to Income Tax Return Forms in FY 2015-16

The income tax department released the new income tax return forms, yesterday. Read in detail and you can also download the forms here.

 

Changes in ITR Forms

  • Disclose assets & liabilities if annual income exceeds Rs 50lakhs

A new schedule has been added to income tax return forms where taxpayers have to disclose break up of assets, in to Land, Building, Cash in hand ( held in bank accounts), Jewellery, and vehicles owned by them. Along with their total liabilities (loans). This new schedule has been added to ITR-1, ITR-2, ITR-2A, ITR-3, ITR-4 and ITR-4S.

Schedule_AL

 

  • ITR-4S can now be filed by Partnership Firms as well

Partnership firms can now declare presumptive income and file ITR-4S as well. They must however provide salary & interest paid to partners.

Partnership_Firms

 

 

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