FY 2014-15 Income Tax Returns Filing : Tax Slabs & New ITR Forms

The Central Board of Direct Taxes (CBDT) has notified the Income Tax Returns (ITR) for Financial year 2014-15 (Assessment Year 2015-16).  The new ITR forms have been released by CBDT for FY 2014-15 Income Tax Returns Filing.

What is Assessment Year & Financial Year?

Financial year (FY) is the year in which you have earned the income. If you are filing a return this year, the financial year will be 2014-15. For example, if you have had an income between 1st April 2014 and 31 March 2015, then 2014-15 will be referred to as FY. Assessment Year (AY) is the year in which you file returns i.e., 2015-16. The last date to file returns for the financial year 2014-2015 is July 31st 2015.

Income Tax Slabs & Rates for FY 2014-15

The below table gives you clear idea about Income tax slabs / rates for all Tax payer categories. (For general category, Senior Citizens & Very Senior Citizens).FY 2014-15 Income Tax Returns Filing - Income Tax Slabs & Rates

  • The basic exemption limit for individuals (general category) is Rs 2.5 Lakh.
  • The basic exemption limit for Senior citizens is Rs 3 Lakh.
  • The basic exemption limit for very Senior Citizens is Rs 5 Lakh.

FY 2014-15 Income Tax Returns Filing – New ITR Forms for AY 2015-16

Below are the details about new ITR forms.

1) ITR-1 (Sahaj form) form for Assessment Year 2015-16

  • ITR 1 Form can be downloaded from Income Tax Department website – Click here.
  • Who can use the ITR-1 form? – This form can be used by an individual tax assessee whose total income for the FY 2014-2015 includes;
    • Income from Salary / Pension; OR
    • Income from one House Property (excluding cases where loss is brought forward from Previous years); OR
    • Income from other sources (excluding winning from lottery or horse racing).
  • For detailed instructions on how to fill ITR-1 (Sahaj), click here (PDF file).

2) ITR-2 form for Assessment Year 2015-16

  • ITR 2 Form can be downloaded from Income Tax Department website – Click here.
  • Who can use the ITR-2 form? – This form can be used by an individual tax assessee whose total income for the FY 2014-2015 includes;
    (a) Income from Salary / Pension; or
    (b) Income from House Property; or
    (c) Income from Capital Gains; or
    (d) Income from Other Sources (including Winning from Lottery and Income from Race Horses). Further, in a case where the income of another person like spouse, minor child, etc. is to be clubbed with the income of the assessee, this Return Form can be used where such income falls in any of the above categories.
  • For detailed instructions on how to fill ITR-2 & who can not use ITR-2, click here (PDF file).

3) ITR-2A form for Assessment Year 2015-16

  • This form can be used by Individuals and HUFs who do not have Income from Business or Profession and Capital Gains and who do not hold foreign assets
  • Download ITR 2A form
  • For detailed instructions on how to fill ITR-2A,  click here (PDF file).

4) ITR-4S form (Sugam form) for Assessment Year 2015-16

  • ITR 4S Form can be downloaded from Income Tax Department website – Click here.
  • For detailed instructions on how to fill ITR-4s, click here (PDF file).

Download Income Tax Return Utility

Download ITR1, ITR2, ITR2A and ITR 4S excel & Java Utilities (Tax preparation software) for Assessment Year 2015-16 from Income Tax website. Click on the below image to download.ITR 2015-16 tax preparation software excel jave utility

Important changes in new ITR Forms

A brief summary of Changes are as below.

  • You can now furnish your Aadhar Id number in ITR forms.ITR 1 FY 2014 15 Aadhar number
  • Introduction of Electronic Verification Code(EVC) as option of sending ITR-V to CPC Banaglore. This would use Aadhaar Number.
  • ITR-1 (SAHAJ) & ITR-4S (Sugam) cannot be filed by an individual who has earned any income from source outside India.
  • Tax Filers now will have to declare only the total number of savings and current bank accounts held by them at any time during the previous year (excluding dormant accounts).
  • As regards bank account details in all these forms, only the IFS code, account number of all the current/savings account which are held at any time during the previous year will be required to be filled-up. The balance in accounts will not be required to be furnished. Details of dormant accounts which are not operational during the last three years are not required to be furnished.
  • Tax filers can now provide two email-Ids.
  • In the new ITR forms, an expat who is not an Indian citizen and is in India on business, employment or student visa would not mandatorily be required to report the foreign assets acquired by him during the previous years when he was non-resident and if no income was derived from such assets during the relevant previous year.
  • In lieu of foreign travel details, it is now proposed that only Passport Number, if available, would be required to be given in Forms ITR-2 and ITR-2A. Details of foreign trips or expenditure thereon are not required to be furnished.

Below are some of the Important points to be kept in mind while filing your Income Tax Return this year;

  • Basic Exemption limit has been increased by Rs 50,000 for general category individual tax payers.
  • The tax exemption limit under Section 80c is raised to Rs 1.5 Lakh.
  • The tax deduction limit for claiming  ‘Interest amount’ on home loan (for self-occupied property) raised from Rs 1.5 Lakh to Rs 2 Lakh (under section 24).
  • To avail the Long Term Capital Gain Tax benefit in non equity mutual funds such as Debt funds, MIP (Monthly Income Plans), Gold Funds and Global Funds, the holding period has been increased from one year to three years.
  • Long Term Capital Gains tax rate on sale of units of non-equity mutual funds is @ 20%.
  • Investment only in one residential house in India is allowed for claiming exemption under Section 54 or Section 54F.
  • No tax exemption is allowed for investment in Residential House located outside India.
  • If your income is more than Rs 5 Lakh and you have income from abroad then it is mandatory to e-file (online) your tax returns.
  • Even if your income is below Rs 5 Lakh, and if you have any Refund claim in your ITR then you have to file your taxes online (e-file).

The  Last Date of Filing Income Tax Return AY 2015-2016 has been extended from 31st July to 31st August 2015. But do not wait till the last week of August to file your AY 2015-16 Income Tax Return. Try to do it as early as possible. Do not forget to include your ‘income from other sources’ (if any, like interest earned from Fixed Deposits / RDs etc.,) in ITR.


Latest update : E-filing of ITR forms 3, 4 and 7 has been enabled now.


 

  • Balraj says:

    Ihave submmited ITR-2014-15 But system indicate time is over

  • Balraj says:

    SIR, CAN I FILE BACK DATE RETURN OF A.Y.2014-2015 OR NOT IN CURRENT YEAR ONLINE OR OFFLINE

  • Pawan Kumar Gupta says:

    DEAR SIR,
    CAN I FILL MY INCOME TAX RETURN ON LINE FOR ASSESSMENT YEAR 2014-2015 .

  • PRAVEEN KUMAR JHA says:

    SIR, CAN I FILE BACK DATE RETURN OF A.Y.2014-2015 OR NOT IN CURRENT YEAR ONLINE OR OFFLINE

  • Sathya Kiran says:

    Hello,
    Really good information. Very helpful and thanks for it.
    Can you please help me with my query as I am running short of time?
    I am a software freelancer and have earned about 18 lakhs in this year.
    I have provided my CA with a list of the payments recieved and expenses made giving him the dates and bank acounts linked to the payments and expenses.
    However my CA says he has to make a profit and Loss statement.
    But he says that the P and L statement has to match with each and every item in the saving banks account. Now there are 3 savings banks of mine in which payments and incomes have gone into.

    All these accounts have numerous personal expenses. Some have rebates from gas subsidies…some have details where I pay my mothers mseb bills etc.
    This means I have to sit with the CA spend at least 2 of my days explaining to him each and every entry of my 3 bank accounts.

    I have a feeling that the CA is making thinks very complicated to probably hike his fees in the end.

    Question: Does the Tax officials need so much detailing?
    Please note full details of my actual business expenses and income have been provided to my CA. Can the net income earned by me be arrived based on these details.
    Why has the CA to balance each and every entry in my saving bank accounts?

    Can you please advise?

    • Dear Sathya,
      May be your CA is too detail oriented.
      I believe small amounts he/she can ignore.
      Suggest you to maintain one separate Current account for your business transactions.

  • Murari says:

    Dear Sir
    can I file return return for f y 2014- 15 for refund upto the date 31st July 2016

  • Ratan says:

    Sir, I have not filed my income tax returns for the year 2014to 2015, can I do it now along with rent receipts, and do I get refund on HRA? Can I do it online?

    • Dear Ratan,
      Generally, in case of belated return, refund can not be claimed.
      But the IT department issued a notification last year (june,2015) about the claiming of refund on belated returns.
      Suggest you to file the ITR with the help of a CA.

  • SS says:

    what should i choose in “Return filed under section” while filing for FY 2014-15 in AY 2016-17

    • Dear SS,
      Different Sections & meaning ;

      * U/s 139(1): Voluntarily before the due date
      * u/s 139(4):Voluntarily after the due date
      * u/s 142(1): In response to notice under section 142(1)
      * u/s 148 : In response to notice under section 148 14
      * u/s 153A: In response to notice under section 153A 15

  • Yogesh sharma says:

    Dear Sir
    Thanks a lot for clearing so many doubts.
    I will like to request you to kindly clarify which ITR form to be used by me for filing ITR for AY 2015-2016.
    I am a seafarer and have completed my NRE days and my only income is from my sailing salary.( i noticed that my income tax lawyer has used form 2 while filing ITR for AY 2014-2015! for same income and am very confused now!)
    Also please mention if i can claim back the TDS paid on purchase of a property worth more than 50 lacs!

    Sincere thanks

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