The Government of India has come out with the new ITR forms and Tax filing procedures. The Department of Income Tax has implemented these changes in an effective manner to provide some ease in the e-filing of Tax Return.
Following are the key changes:
Credit of Income Tax Refund: In the previous years, the taxpayers were given an option to claim refund through cheque or credit into bank account. But now all taxpayers will receive the tax refund directly into their bank accounts.
Introduction of Form ITR 2A: The Government has introduced Form ITR - 2A for individuals and the Hindu Undivided Family (HUF) assesses. In the previous years, the assessee was supposed to file ITR - 2 for exempted income above Rs. 5000, income from lottery winnings, capital gains, income from horse race or from any asset outside India. A new ITR 2A form is introduced and can be filed in respect of income from salary, any number of house property, other sources including lottery winnings and horse racing and clubbed income of minor child, but does not provide for any income from capital gains, income from business or profession, foreign assets or foreign income.
ITR - 1 even if income exempt is more than Rs.5000: An individual or Hindu Undivided Family who has earned some income which is exempt from tax without ceiling limit other than agricultural income exceeding of Rs 5,000, can now file Form ITR 1 (Sahaj). Earlier, an individual with exempt income for e.g. dividend income of more than Rs 5,000 was required to file ITR-2.
Brought forward of unclaimed credit of TDS or TCS: Earlier, there was no mechanism to carry forward the TDS / TCS that was not related to the given financial year. However, the new ITR forms provide for details to be entered in respect of unclaimed TDS / TCS of the earlier financial year(s) and unclaimed TDS/TCS of the present year to be carried forward to the subsequent year.
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