1.
Where total Income of assessee is more than 50 lacs, the
Individual/ HUF assessee is required to
disclose cost of Immovable Assets viz. Land and Building and Movable Assets
viz. Cash in Hand, Jewellery Bullion etc., Vehicle, Yatches, Boats and
Aircrafts and also Liability in relation to Immovable and Movable assets in
case amounts not disclosed in Balance Sheet. Earlier assesses having
total Income exceeding 25 lacs were required to disclose this information. In ITR-3
and ITR-4.
2.
Provision for availing TCS credit by the buyer for cash
purchase of jewellery and bullion exceeding Rs. 5 lacs and Rs. 2 lacs
respectively.[Introduced since Finance Bill 2012]
3.
Partnerships firms going for presumptive Income can now file 4S
instead of ITR-5. They can also claim deduction of interest and salary to
partner.
4.
Provision made in ITRsfor availing additional deduction of Rs.
50,000/- in respect of New Pension Scheme u/s 80CCD(1B) introduced by Finance
Act 2015.
5.
Disclosure of exempt share income of partner from firm/AOP/BOI
done away.
6.
Impact of ICDS to be disclosed.
7.
Trusts to disclose percentage of commercial recipts visa vis
total receipts, because as per Finance Act 2015, if commercial receipts exceed
20% OF TOTAL RECEIPTS of trust advancing objects of general public utility, it
shall not be charitable and shall lose exemption u/s 11 and 12.
8.
The Finance Act, 2015 has amended the
provisions of Section 139 to provide that universities or educational
institutions, hospitals or other institutions which are wholly or substantially
financed by the Government, shall be mandatorily required to
file their returns of income. Now such universities, hospitals, educational
institutions, etc., have to disclose their name and annual receipts in new ITR
7. Further, they are also required to disclose the amount eligible for
exemption in ITR 7.
9.
In new ITR forms there is a separate row for disclosure of
following details if taxpayer is liable for audit under any Act [other than the
Income Tax Act]: 1) Act and Section under which taxpayer is liable
for audit 2) Date of furnishing of Audit Report.
10.
Finance Act 2015 extended the benefit of section 80JJAA for 30%
of additional wages to new and regular workmen for three asstt years to non
corporate assessee also. Hence ITRs 4 and ITR-5 amended to extend benefit to
non corporate assesses.
Thanks for the detail guide sir. Will take care when filling advance tax this year.
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