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2015

A. ITR – 1 – (Applicable to Only Individual)

  1. Salary
  2. Only one House Property – No B/F losses
  3. Other Sources – No B/F losses

2015
  • In an era when houses have moved out of the affordability arena, home loan is an important expense in building the dream house for many tax payers. With prices shooting through the roof, the loan requirement too has gone up.
  • The good news is that the taxation benefit offered on home loan as expanded too. An individual can claim up to Rs. 1.5 lakh of principal repayment under the Section 80C, while the interest portion too can be claimed to the extent of Rs 2. lakh. This amount claimed between co-borrowers can prove to be a bigger tax saving for the family as a whole.

2015

PRESS INFORMATION BUREAU

GOVERNMENT OF INDIA

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INCOME TAX RETURN FORMS ITR 1, 2 AND 4S SIMPLIFIED FOR CONVENIENCE OF THE TAX PAYERS; A NEW FORM ITR 2A PROPOSED WHICH CAN BE FILED BY AN INDIVIDUAL OR HUF WHO DOES NOT HAVE CAPITAL GAINS, INCOME FROM BUSINESS/PROFESSION OR FOREIGN ASSET/FOREIGN INCOME; IN FORM ITR 2 AND THE NEW FORM ITR 2A, THE MAIN FORM WILL NOT CONTAIN MORE THAN 3 PAGES, AND OTHER INFORMATION WILL BE CAPTURED IN THE SCHEDULES WHICH WILL BE REQUIRED TO BE FILLED ONLY IF APPLICABLE;AS THE SOFTWARE FOR THESE FORMS IS UNDER PREPARATION, THEY ARE LIKELY TO BE AVAILABLE FOR E-FILING BY 3RD WEEK OF JUNE 2015;TIME LIMIT FOR FILING THESE RETURNS IS ALSO PROPOSED TO BE EXTENDED UP TO 31.08.2015; 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.

2015
  • CBDT has vide Notification No. 41/2015 Dated 15.04.2015 notified Form ITR-1, ITR-2 and ITR-4S for Assessment Year 2015-16 i.e Financial Year 2014-15.
  • The Notification also made Several Change in Rule 12 of Income Tax Rules, 1962 which is related to Condition of Filing of Income Tax Return.
  • A brief summary of Changes is as follows :-

2015
    • As a thumb rule you must file an IT Return in India for AY 2015-16 if your Gross Income is more than
      • Rs 2,50,000 if you are less than 60 yrs old.
      • Rs 3,00,000 if you are 60-80 yrs old and
      • Rs 5,00,000 if you are more than 80 years old.

2015
  • With its massive drubbing in the Delhi Assembly Elections, the BJP government is likely to attempt to keep the euphoria of the Modi wave alive with a please all Budget for the financial year 2015-16.
  • The budget will attempt to be mindful of retaining BJPs charm in its recent assembly electoral gains in states other than Delhi.
  • This budget will be largely focused on the Make in India campaign, but what the common man can expect from the Budget this year, let’s take a look –

Financial Management