Highlights of new ITR forms

1. ITR Form - 1 (Sahaj)

(i) ITR Form 1 (Sahaj) can be filed by an individual having income up to Rs.50 lakhs and who is receiving income from salary, one house property, other income (interest etc.)

(ii) Various parts of ITR Form-1 (Sahaj) viz. parts relating to tax computation and deductions have been rationalised and simplified for easy compliance.

(iii) Earlier Field A27 “Whether you have Aadhaar number” inserted was available. But now, Aadhar number is compulsory. In case you have applied for Aadhar card, then Aadhar Enrolment ID needs to be inserted.

(iii) Under Part C of deduction, only 80C, 80D, 80G and 80TTA is specified on the face of the ITR and any other deductions needs to be mentioned in “Any Other (Please specify section)”.

(iv) Under Part D, the surcharge column is not mentioned as the ITR 1S is applicable to individuals having income up to INR 50 lakhs.

(iv) Under Part E - Other Information, classification of bank account as savings/ current is deleted and they have inserted new columns to submit details of cash deposited during the demonetization period (i.e. during Nov 09, 2016 to Dec 30, 2016)( if aggregate cash deposit during the period exceeds INR 2 lakhs)

(v) Schedule TDS – The TDS and TCS schedule is merged in Schedule TDS.

(vi) Under schedule TDS, the requirement to furnish the Unique TDS certificate number mentioned in Form 16A is not required.

(vi) 80G does not seem to asking details of donor and PAN thereof

ITR 2

(i) The ITR 2 now can be filed by individuals and HUFs other than those carrying on business or profession under any proprietorship.

(ii) Aadhar number is compulsory. In case you have applied for Aadhar card, then Aadhar Enrolment ID needs to be inserted.

(iii) In Part A- GEN new filed “e” needs to be filled stating “Whether any transaction has been made with a person located in a jurisdiction notified u/s 94A of the Act”.

(iv) In Part B-TI – Computation of Total Income, a new field Row 3 “Profits and gains from business or profession” is introduced.

(v) In Part B – TTI – Computation of tax liability  on total income, Row 14 “Details of all Bank accounts held in India at any time during the previous year (excluding dormant accounts), classification of bank account as savings/ current is deleted and they have inserted new columns to submit details of cash deposited during the demonetization period (i.e. during Nov 09, 2016 to Dec 30, 2016)( if aggregate cash deposit during the period exceeds INR 2 lakhs)

(vi) Two new schedules i.e. Schedule IF – Information regarding partnership firm in which assessee is partner and Schedule BP – Details of income from partnership firms are introduced.

(vii) Schedule OS – Income from other sources – 1(f)(ii) to (iv) – they have specified certain income which needs to taxed at special rates such as dividend income from domestic company exceeding INR 10 lakhs, Income from patent, etc. under various sections which needs to be mentioned.

(viii) Schedule VI A – Deductions under Chapter VI-A: The deductions are divided into two parts i.e. “Part B – Deduction in respect of certain payments” and “Part C, CA and D – Deduction in respect of certain income/other deduction”.

(ix) Schedule SI - Row 11, 12 and 13: New fields are inserted specifying income chargeable to special rate of tax under section 115BBDA, section 115BBE and section 115BBF.

(x) Schedule AL –  There are following changes in AL schedule :
o    The schedule is divided into one more part i.e. “Interest held in the assets of a firm or association of person (AOP) as partner or member thereof”.
o    “A - Details of immovable asset” – reporting of address of immovable property is introduced
o    “B - Details of movable asset” – new fields 1(ii) and (iv) i.e. reporting of Archaeological collections, drawings, painting, sculpture or any work of art and Financial asset (like Bank (all deposits), shares and securities, etc.) are introduced.

(xi) No reference to Form 67

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