Update on the ITR Forms for AY 2015-16 (or FY 2014-15)

We have an update from the Finance Ministry that came out with the following information on the Income Tax Return forms for AY 2015-16 (FY 2014-15)

  • There is a proposal to release a new Form ITR2A for tax payers who own more than one house property and do not have any capital gains. Earlier, these tax payers had to file ITR-2. Now taxpayers who own more than one house property but dont have any capital gains shall file ITR 2A.
  • Those with exempt income (without any limit) can file ITR -1, assuming they fulfill other conditions to file ITR 1.
  • Those with agricultural income (which is exempt) exceeding Rs 5,000 though may have to file ITR2A.

Remember when you file with ClearTax – you don’t have to worry about which form to choose – we do that for you automatically (based on your inputs).

  • It is proposed that main pages of ITR 2 and 2A shall have only 3 pages while details be provided in schedules.
  • The department may extend the last date of e-filing to 31st August 2015.
  • The Ministry also said that details of foreign trips may not be required anymore providing your passport number shall be enough. Do note that these are proposals for the ITR Forms, the Forms have as such have not been published yet.
  • There may be a big relief for those who were wary of providing bank account balances, as only IFSC Code and Bank account number may be asked. Also joint account information and dormant accounts( inoperational since the past 3 years) may not be required to be provided in the ITR.

Do comment and tell us what you think of these proposals.

We’ll keep you posted 🙂

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13 Responses to Update on the ITR Forms for AY 2015-16 (or FY 2014-15)

  1. monika June 1, 2015 at 6:21 am #

    Wanna know that from which date we can submit out itr 2015_16. Forms are available or not?

    • cleartax-team June 1, 2015 at 9:34 am #

      Though the forms have not been released yet, you can upload your Form 16 on http://www.cleartax.in and start entering your details – as soon as the forms are released, we will intimate you 🙂

  2. Sheila Murthy June 2, 2015 at 7:36 pm #

    I am an NRI as of now . However if I decide to return to India for good , do I have to repatriate my savings in foreign Bank account back to India or can it stay there as I may not need this fund for sometime.

  3. Pranay Shitole June 5, 2015 at 11:15 am #

    Sir, i want bank loan.. they sad last 3 year’s ITR is necessary.. but my CA said that as per new rule he cant file last 3 yr ITR.. so what can i do for getting loan..???

    • cleartax-team June 5, 2015 at 3:50 pm #

      Sir, please note you can file ITR for financial year (FY) 2014-15 and FY 2013-14. For FY 2012-13, you can submit your return in person to the AO explaining the reason. Do note that AO can levy a penalty of Rs 5,000 under section 271F for delayed returns.

      you can write to support@cleartax.in and our experts can assist you with your Income Tax Return filing for previous years.

  4. MULLICK June 6, 2015 at 4:29 pm #

    Total Income after Deductions –Approx Rs 9 lakhs. Which Form shud I fill . is the LATEST Form available ? If so WHERE ???

    • cleartax-team June 8, 2015 at 11:05 am #

      Dear Sir, as per the latest information from the department you will be filing ITR-1. Do note that although the ministry of finance has not released the forms yet – you can go right now and input all your details on http://www.cleartax.in. As soon as the forms are made available we will inform you and you will be ready to file 🙂 Also, on ClearTax you don’t need to worry about choosing the right form – we do that ourselves basis the information you input.

  5. kishan joshi June 7, 2015 at 10:23 pm #

    I am a govt of India pensioner and draw my pension from SBI Madhav Nagar, Ujjain Br. I am going abroad from 20th June,2015 and will return in late November2015. I have yet to receive the 16A form from the bank tjhough the 26AS is shown in my Account. Since the new orms are not available till date, its difficult ti file the ITreturn, though Tax has been deducted. Can I file after Nov,2015? Or can I ile in the form which was for last year?Kindly guide.

    • cleartax-team June 8, 2015 at 11:50 am #

      Sir, please note ITR forms are announced for each assessment year, so you’ll not be able to file return for FY 2014-15 in old forms. However, you can start entering your income details online on http://www.cleartax.in. As soon as the forms are available we will update you 🙂

      On ClearTax we can directly pull out your TDS details from the income tax department’s website so that you can take credit of all the TDS that has already been deducted from your income.

      We recommend you file your returns within the due date which is expected to be 31st August 2015. You can file your returns after Nov 2015, however, if there is any tax payable you may have to pay interest on it. You can always write to support@cleartax.in if you have any questions.

  6. Ranjan June 12, 2015 at 11:11 am #

    What is the last date for submission of ITR for assessment year 2015-2016?

    • cleartax-team June 12, 2015 at 1:18 pm #

      Sir – the due date for filing ITR for AY 2015-16 is 31st August 2015.

  7. sakthi June 13, 2015 at 12:01 pm #

    when u update ITR FORMS

    • cleartax-team June 15, 2015 at 4:20 pm #

      E-filing will be available on cleartax as soon as the ITR forms are released by the IT Department.