Simplifying Tax for C.A's and Taxpayers
Filing the Income Tax Returns for A.Y 2015-16

Filing the Income Tax Returns for A.Y 2015-16

Getting prepared for filling the income tax returns for A.Y 2015-2016 (P.Y 2014-2015) for salaried, retired/senior citizen taxpayers not carrying any business or profession and not having any foreign assets.

Choosing right form, filling correct details, Filling of Aadhaar Number and Passport Number and details of all Bank Accounts.

As we all are aware that the last date to file the income tax return (as extended from 31st July, 2015) is approaching nearby i.e. 31st August, 2015, we must take note of following important points:

  1. Choosing right form is the first step towards filing of income tax return. Central board of direct taxes (CBDT) has notified nine income tax return forms viz. ITR-1 (SAHAJ), ITR-2, ITR-2A, ITR-3, ITR-4, ITR-4S, ITR-5, ITR-6 and ITR-7. Depending on classification of taxpayer and nature of income form has to be selected. Follow the table below for choosing right form:
ITR FORM TYPE FOR WHOM
ITR 1 SAHAJ For individual only –  having Income from Salary/family pension/other sources like interest/income from one house property where assessee is owner of only one house property and does not have brought forward losses /income from agriculture not exceeding Rs.5,000/-
ITR 2 For individual ( except for whom ITR 1 SAHAJ is applicable) & for  HUF’s only  – not having income from Business & Profession
ITR2A For individuals  ( except for whom ITR 1 SAHAJ is applicable) & for HUF’s –  not having income from Business or Profession and capital gains and who do not hold any foreign assets
ITR 3 For individuals/HUF’s being partners in firms and not carrying out business or profession under any proprietorship
ITR 4 For individual & HUF’s having income from a proprietary business or profession
ITR 4S SUGAM

 

For individual/HUF’s having income from presumptive business
ITR 5 For persons other than individual, HUF, Company and person filing form ITR-7
ITR 6 For Companies other than companies claiming exemption u/s 11
ITR 7 For persons including companies required to furnish return u/s 139(4A) or u/s 139(4B) or u/s 139(4C) or u/s 139(4D) or u/s 139(4E)

 

2. After the form has been rightly selected, next step to prepare a folder containing following documents as applicable in different cases:

  • Last year filed income tax return i.e. for A.Y.2014-2015.
  • Copy of all bank accounts statements including held in joint names except dormant bank accounts having brief narrations of entries in bank.(TIPS- Declare list of all active bank accounts only and don’t forget to declare interest earned in saving account from all bank accounts including those not active i.e. dormant bank accounts in the return form)
  • Form 16 received from employer in case of income in nature of salary / pension.
  • FDR interest received and accrued certificate from bank, companies, etc. for the A.Y.2015-2016.
  • Copies of rent agreement for rent received during the year. Copy of PAN of tenant wherever available. (TIPS-Don’t forget to change the name of tenant in case of change in tenants from those declared in last return)
  • Copy of passport for filling in return form. (TIPS-Don’t forget to declare PASSPORT number if you own the passport as this information has been newly inserted in return form)
  • Copy of aadhar card for filling in return form and linking the same with PAN. (TIPS-Don’t forget to declare AADHAR number if you own the aadhar as this information has been newly inserted in return form)
  • Paper related to agricultural income (TIPS-Don’t forget to declare agriculture income considering it totally exempt. Agriculture income bears proportionate tax in case there is tax payable by the assessee on other income, this is called partial integration system).
  • Copies of tax saver FDR’s, ULIP’s/Mutual Funds, etc.
  • Housing loan certificate received from bank for payment of interest and principal.
  • Copies of receipt of LIC premium paid. (TIPS-Don’t claim late fees paid for deduction u/s 80C.)
  • Copies of receipt of PPF deposited including the copy of PPF passbook/account.(TIPS-Show interest accrued in PPF account as exempt income in return form)
  • Copies of NSC taken.
  • Copies of mediclaim premium paid during the year. (TIPS- Payment made in cash is not eligible for deduction u/s 80D,  payment is made in cash for preventive health check up is allowable )
  • Copy of certificate from doctor/hospital if claiming deduction for disabilities/diseases.
  • Copies of receipt of tuition fees paid for children. (TIPS – Only fees paid as tuition fees in INDIA for full time education of any two children is eligible for deduction u/s 80C. Private tuition or coaching centers payments are not eligible for deduction)
  • Sale and purchase registry/agreement for property for computing capital gain.
  • Mutual fund, shares annual statement containing details of sale/purchase and capital gain.
  • TDS certificates in form 16A received from banks/others generated from income tax site.
  • Copies of challans for taxes paid relevant to A.Y.2015-2016.
  • Donation paid receipt containing details about donee’s PAN and address including the pin code, etc.

3. Now we must be aware of whether return to be filed electronically or in paper form at income tax office. Following table clears the confusion:

Condition Manner of furnishing the return of income
For individual below the age of 80 years and for HUF’s – where Total income i.e. income after claiming deductions u/s 80C/80D/80G, etc, exceeds    Rs.5, 00,000/- or any refund is claimed in the return of income. Electronically Under Digital Signature
Or
Electronically Under Electronic Verification Code (EVC) – eVerify Concept
Or
Electronically without Digital Signature and Sending ITR-C to CPC Bangalore.
For individual having age of 80 or more at anytime during the previous year and to whom ITR form 1 or 2 is applicable Electronically Under Digital Signatureor
Electronically Under Electronic Verification Code (EVC) – eVerify Concept
or
Electronically without Digital Signature and sending ITR-V to CPC Bangalore
or
Submitting Return in Paper form to Income Tax Department
For individual of any age or HUF’s and to whom form  ITR-3 or ITR-4 is applicable Electronically Under Digital Signatureor
Electronically Under Electronic Verification Code (EVC) – eVerify Concept
or
Electronically without Digital Signature and sending ITR-V to CPC Bangalore
For individual of any age or HUF’s – in any other case Electronically Under Digital Signatureor
Electronically Under Electronic Verification Code (EVC) – eVerify Concept
or
Electronically without Digital Signature and sending ITR-V to CPC Bangalore
or
Submitting Return in Paper form to Income Tax Department
For individual of any age or HUF’s  – In cases of tax audit Electronically Under Digital Signature Only
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