Important Changes in Income Tax Return (ITR) forms

By | July 20, 2014

Key Changes in Income Tax Return Forms you must know about

Tax filing deadline is just a week ahead; all of you must have gone through the cumbersome task of gathering all the data to fill and file the Income Tax Return form. But before moving ahead with filing, go through with the last minute checklist of all the important changes in the ITR for assessment year 2014-15 (i.e. financial year 2013-14).

Changes in Income Tax Return

Checklist of the Changes in Income Tax Return forms

1. Update of Mobile no. and email id

In a recent notification, CBDT has made it mandatory for all the assessee to update their mobile number and email id before e-filing ITR. The mobile number needs to be authenticated by entering a pin number sent by tax department.

Read: Update you contact before filing ITR

2. ECS or Direct Bank Transfer

With a view to increase the banking system in India, CBDT has stopped giving out cheques for tax refund. Now, assessee’s account will get credited through ECS. So in new forms option of getting refunds is removed.

3. Section 87A

Earlier ITR did not have a column for Tax Rebate u/s 87A. But this year space for tax rebate of Rs.2,000 u/s 87A is added in ITR Forms.

Read: Tax Rebate of Rs.2,000 continued further

4. Section 80EE

There was a gift to the taxpayers by former finance minister. Section 80EE was made available for one year i.e. for F.Y. 2013-14 to avail extra deduction of interest on home loan of Rs.1,00,000.  This deduction is apart from deduction u/s 24B.

Read: Avail Extra Deduction of Home Loan Interest u/s 80EE

5. Surcharge

In case your income exceeds Rs.1 crore than you have to pay surcharge of 10%. There has been an addition of a separate column for this surcharge.

6. Unclaimed TDS / TCS

Under the new ITR Forms you have to provide details of carry forward the unclaimed TDS or TCS of previous year and brought forward TDS to next year.

7. Salary Allowances u/s 10

All salaried assessee are now required to disclose the allowances they are getting in form of LTA (Leave Travel Allowance), HRA (House Rent Allowance) or any other allowances u/s 10.

Read: List of Section 10 Deductions

8. Capital Gain

Starting from this year you have to provide bifurcated details of both short and long term capital gains in three parts:

  • Sale of Plot or Land
  • Sale of STT paid shares and mutual funds
  • Sale of Other Assets

Further, you have to mention the stamp duty value of the land or building you sold during the year. Also you have to give the details of exemption claimed under section 54 as well as under section 115F. Details such as Cost of the new residential house, date of purchase or amount deposited in capital gain savings account all are required to be provided from this year onwards.

Further, set-off of losses from both short-term capital gains taxable at 15% or 30% and long-term capital gains taxable at 10% or 20% have to be shown separately.

9. Claiming Bad-Debts

Individuals or HUF having income from business and claiming bad debts of more than Rs.1 lakh from a single person in ITR 4 has to provide the PAN number of the person to whom debts had not been recovered.

10. Percentage of Co-Ownership

Percentage of co-ownership of the house is required to be mention under the schedule of Income from House Property.

One thought on “Important Changes in Income Tax Return (ITR) forms

  1. Deepak Soni

    There is no in India which compels an assessee to have mobile phone and internet ID.The requirements in the form are invalid and bad in law because they mandate something which has never been required by the law.Form can not impose a liability not mandated by the law.This shows the arrogant approach o part of CBDT.A poor country like India needs a simple and permanent ITR and can afford to copy USA.CBDT shall be well advised if ti learns principles of natural justice and an attitude to assist an assessee in real term from USA.


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