Wednesday, 5 August 2015

CBDT notifies ITR Forms for Company/ Firms/ LLP/ Trusts and others

This Tax Alert summarizes amendments made to the Income Tax Return (ITR) Forms for tax year 2014-15, vide Notification No. 61/2015 dated 29 July 2015 (Notification) issued by the Central Board of Direct Taxes (CBDT). The Notification notified ITR 3, ITR 4, ITR 5, ITR 6 and ITR 7 as applicable to an individual/Hindu Undivided Family (HUF) (being partner in a firm or carrying on proprietary business or profession), partnership firm, Limited Liability Partnership (LLP), Association Of Persons (AOP), Body Of Individuals (BOI), Artificial Juridical Person, cooperative society, companies and trust. The CBDT had already notified ITR 1, ITR 2, ITR 2A and 4S as applicable to individuals and HUFs for the tax year 2014-15, vide Notification No. 49/2015 dated 22 June 2015.


Most of the changes notified in the new ITR Forms, ITR 3 to ITR 7, are similar to those made in ITR 1 and ITR 2 earlier. Additionally, certain other changes have also been made to these ITR Forms, which the taxpayer will need to note while filing the tax return for tax year 2014-15.

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