Block Right Click

Monday, 23 May 2016

Changes in ITR for AY 2016-17



Government has notified the new forms with the onset of the new financial year i.e., 1st April, 2016. The Finance Ministry published a gazette order in this regard on March 30 and taxpayers can file their ITRs till the stipulated deadline of July 31.
In this regard, following changes in ITR for AY 2016-17 need to be marked before filing of return:

 Earning above Rs. 50 lakhs per annum

 Disclosure of value of all assets and liabilities. Assets include immovable assets and movable assets.
Immovable assets:  Disclose cost of land and building.
Movable assets: cost of following assets needs to be disclosed
  1. Jewellery
  2. Bullion
  3. Vehicles
  4. Yachts
  5. Boats
  6. Aircraft
  7. Cash in hand
 Taxpayers also need to disclose all liabilities in relation to such assets.

 Claim of TCS credit

 Seller of bullion and Jewellery shall collect TCS at 1% of sale consideration from buyer if such sale consideration is received in cash and it exceeds:
1.     i) Rs. 2 lakh, in case Bullion; and
2.    ii) Rs. 5 lakh, in case of Jewellery.
 Changes applicable in Form 1, 2, 2A.

 Firms can file ITR-4S for presumptive income

 A separate row is provided for in ITR 4S to claim deduction of interest and salary paid by the firms to the partners.  Three additions -specifying nature of business, salary and interest paid to partners (applicable only to firms) and schedule AL.
 Contribution to NPS
 A new row has been inserted to provide for an additional deduction of upto Rs. 50,000 for investment in National Pension Scheme.
 Changes applicable in Form 1, 2, 2A, 3, 4, 4S.

 Details of pass through income of business trust or investment fund

 New Schedule PTI requires following reporting of pass through income of business trust/investment fund.
  ■ Name of business trust/investment fund
  ■ PAN
  ■ Head of income
  ■ Amount of income
  ■ TDS on such amount, if any.
 Changes applicable in Forms 2, 2A, 3, 4, 5, 6, 7.

 No need to disclosed Share of income from firm/AOP/BOI

 Share of income/ profit from partnership firm, AOP and BOI which is exempt in the hands of recipient need not be disclosed. Earlier it was required to be disclosed under Schedule EI.
 Changes applicable in Form 3, 4, 5, 6.

For filing of your proper and timely return, click online return filing.
at

19 comments:

  1. DSM12 September 2019 at 12:36

    This comment has been removed by the author.

    ReplyDelete
  2. DSM12 September 2019 at 13:09

    Thanks for this useful blog. Thanks!digital signature provider in Noida.

    ReplyDelete
  3. Make My Digital Signature16 September 2019 at 17:07

    This blog post make me glad you explain it so nicely. We are the best Digital signature provider in Delhi

    ReplyDelete
  4. DSC716 September 2019 at 18:13

    Information you are procviding is really helpful. Thanks. We are the best Digital signature provider in Delhi

    ReplyDelete
  5. DSM18 September 2019 at 17:22

    I love to read this type of blog post. I want one more from you. We are the supreme digital signature provider in Ghaziabad

    ReplyDelete
  6. DSC717 June 2020 at 17:58

    Great list! Thanks for sharing these websites because I'm actually looking for them.. More power!



    digital signature for income tax

    ReplyDelete
  7. Make My Digital Signature10 July 2020 at 17:31


    Happy to see your blog as it is just what I’ve looking for.


    Digital signature provider in Delhi

    ReplyDelete
  8. esigndsc16 July 2020 at 13:47

    It help me a lot. You give me nofollow and dofollow both sites that is great to create more backlinks

    Digital signature certificate

    ReplyDelete
  9. DSC716 October 2020 at 11:40

    The blog was absolutely fantastic,


    Digital Signature For Income Tax

    ReplyDelete
  10. Buydscdelhi26 July 2023 at 12:41

    Thank you the guidance of blog commenting. Commenting is something that should be genuinely spoken words.Renew Digital Signature in Delhi

    ReplyDelete
  11. esigndsc26 July 2023 at 16:09

    Thanks for This Article on blog commenting. Apply Digital Signature in Chennai

    ReplyDelete
  12. Make My Digital Signature26 July 2023 at 18:19

    This article is very nice. I got information to improve my blog traffic. Thank you very much.Digital Signature in Siwan

    ReplyDelete
  13. DSC78 August 2023 at 11:24

    Superb and really very good informative blog. Class 3 Digital Signature

    ReplyDelete
  14. DSC710 August 2023 at 15:00

    Thanks for this useful article. Digital Signature in Ghaziabad

    ReplyDelete
  15. esigndsc24 August 2023 at 15:45

    First of all thanks to the blogger for sharing and giving useful information. Digital Signature In Mumbai

    ReplyDelete
  16. DSM7 September 2023 at 15:39

    Superb and really very good informative blog. Digital Signature in meerut

    ReplyDelete
  17. DSC728 September 2023 at 18:35

    First of all thanks to the blogger for sharing and giving useful information. Digital Signature in Bangalore

    ReplyDelete
  18. Detectives Mumbai8 November 2023 at 17:04

    Valuable and helpful advice. Thanks! Detective Agency in Faridabad

    ReplyDelete
  19. DSM15 April 2024 at 15:12

    The blog is absolutely fantastic. Lots of great information and inspiration, both of which we all need. Thanks for such a continuous great postings. Digital Signature in Agra

    ReplyDelete

Subscribe to: Post Comments (Atom)