Download ITR-1, ITR-2, ITR-4S and ITR-V - New Income Tax Return Forms issued by the Department for Assessment Year 2014-15

Friends,

Income Tax Department, Department of Revenue, Ministry of Finance, Government of India has issued a Notification bearing No. 24/2014 on 01.04.2014 and released New Income Tax Return forms ITR-1 (Sahaj), ITR-2, ITR-4S(Sugum) and ITR-V for assessment year 2014-15. Further rule 12 has also amended and now e-Filing is mandatory for ITR-5 (without digital signature) also. However as earlier , in audit cases(44AB) firms are required to file returns with digital signature. Further political parties are also required to file income tax return on ITR-7 through e-Filing mode with digital signature. Trust are also required to file electronically notice under clause (a) of sub-section (2) of section 11 of Income tax act. The Notification issued by the Income Tax Department is reproduced here under. You may check the  following for easy under standing of the Issue.

• Rule 12 Updated for assessment year 2014-15
• Which Income Tax return form Should I file Ay 2014-15?
• Compulsory E filing of return with/without digital signature Ay 2014-15

INCOME-TAX (FOURTH AMENDMENT) RULES, 2014 - AMENDMENT IN RULE 12 & SUBSTITUTION OF FORMS SAHAJ (ITR-1), ITR-2, SUGAM (ITR-4S) AND ITR-V

NOTIFICATION NO.24/2014 [F.NO.142/2/2014-TPL]/SO 997(E), DATED 1-4-2014

In exercise of the powers conferred by section 295 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following rules further to amend the Income-tax rules, 1962, namely:-

1. (1) These rules may be called the Income-tax (4th Amendment) Rules, 2014.

(2) They shall come into force with effect from the 1st day of April, 2014.

2. In the Income-tax Rules, 1962 (hereinafter referred to as the said rules), in rule 12,—

(a)

in sub-rule (1), for the figures "2013", the figures "2014" shall be substituted;

(b)

in sub-rule(2), in the proviso after the words and figures "section 115JB" the words "or to give a notice under clause (a) of sub-section (2) of section 11" shall be inserted;

(c)

in sub-rule (3), in the first proviso,—

(A)

after clause (aab), the following clause shall be inserted, namely:—

"(aac)

a person required to furnish the return in Form ITR-5, other than a firm to which clause (aaa) is applicable, shall furnish the return for the assessment year 2014-15 and subsequent assessment years in the manner specified in clause (ii) or clause (iii);";

(B)

for clause (b), the following clause shall be substituted, namely:—

"(b)

a person required to furnish the return in Form ITR-7 shall furnish the return for assessment year 2014-15 and subsequent assessment years,—

(A)

in case it is furnished under sub-section (4B) of section 139, in the manner specified in clause (ii);

(B)

in other cases, in the manner specified in clause (i) or clause (ii) or clause (iii):";

(d)

in sub-rule (4), after the words, "report of audit", the words "or notice" shall be inserted;

(e)

in sub-rule (5), for the figures "2012", the figures "2013" shall be substituted.

3. In the said rules, in Appendix-II, for "Forms SAHAJ (ITR-1), ITR-2, SUGAM (ITR-4S) and ITR-V" the "Forms SAHAJ (ITR-1), ITR-2, SUGAM (ITR-4S) and ITR-V" shall be respectively substituted as follows:—

FORM ITR-1 (SAHAJ FORM) (For Indian Individual Income tax Return)

FORM ITR-2 (For Individuals and HUFs not having Income from Business or Profession)

FORM ITR-4S (SUGAM FORM) (For Sugam - Presumptive Business Income tax Return )

FORM ITR-V (Acknowledgement Form)

Status of Refund of Income Tax

Friends,

The Income Tax Department has started to finalise the returns filed by the assesses of  the Assessment Year 2011-12 (Financial Year 2010-11). If you have filed your return ONLINE then there are very much chances that your tax return would have been assessed and an assessment order has been there in your mailbox. If there is Refund of Income Tax in your return and you have checked the box to directly deposit the Refund to your Bank, then the check your Bank account for the same provided that you have correctly fill the MICR code column in your return. If you want to check the status of refund then you can check HERE also. 

Check Your Income Tax Refund Status Here