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New Rules of Filing Tax Returns for FY 2014-15

Tax return, New Rules, Rishabh Parakh

Like every year, CBDT’ (Central Board of Direct Taxes) comes up with the required set of forms which a taxpayer is supposed to use while filing his or her tax return. This year lot of changes has been made in order to simplify these ITR forms. In order to curb black money, the department had in its earlier notified ITR forms, have asked the taxpayers to furnish the details of all their foreign trips including the expenses incurred on those trips which attracted huge back lash which prompted department to change the forms again.

Let us understand all these changes you need to keep in mind before you file your tax returns this year:-

1. Last date extended to 31st August: The deadline for filing returns for the last financial year has been extended to 31st August from the existing 31st July. But I would strongly suggest you not to delay your return filing to the last date especially once all your documents like Form 16/16A and other income details are in place.

2. Furnishing All the Bank Account Details:- You have to declare all your bank accounts while filing your tax returns. It means you have to submit each and every bank account as held by you jointly or as a single account holder. However, you do not need to disclose the details of your dormant accounts, which are not operational in the last three years.

3. Foreign income: The details of any foreign income including the amount earned and the nature of income/ source country are required to be submitted.

4. New tax forms: CBDT had notified various changes in the ITR Forms as mentioned in the below Table
(Applicable forms)

5. ITR-V copy to CPC: Unlike earlier, ITRV copy is not required to be delivered at CPC office Bengaluru; provided a person submits his or her Adhar Card No. or the 10-digit Electronic Verification Code (EVC). The new ITRs will also have a place for mentioning the Aadhaar card no.  which is one of the four ways of verifying the identity of the taxpayer. Those who does not have Adhar Card or want to use the EVC can still send their ITR V to the CPC by Post.

-Rishabh Parakh
(The writer is chartered accountant by profession. He is regular columnist for leading Indian Media & have delivered more than 400 Seminars on Ethical Financial Planning. )

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