Changes in ITR -2 for FY 2014-15 (AY 2015-16)

Yesterday we looked at the changes that have been made to ITR -1 here. Today we list down for you the changes which have been in the Income Tax Return forms ITR -2 for financial year 2014-15 (assessment year 2015-16).

Change 1 (same from ITR -1) – Same as ITR 1 on aadhar card. EVC submission.

Change 2 (same from ITR -1) - Same as ITR -1 regarding bank account information.

Change 3 – Details of foreign travel done during the year (applicable to both resident and nonresident). Details required – mention passport no, place issued at, along with details of name of country visited,number of times traveled and mention the expenses incurred from own sources of income for such a trip (other than expenses incurred by the employer or any other person being a sponsor).

Change 4 – To mention if unutilized capital gains on asset transferred during the previous years (FY 2011-12 and FY 2012-13) was deposited in the Capital Gains Accounts Scheme within due date for that year.

To provide details (for each FY 2011-12 and 2012-13) of utilization of amount deposited in capital gain account scheme. With details of section in which the deduction was claimed in these years, amount utilized from the capital gains account to purchase or construct new asset, amount unutilized lying idle in capital gain account scheme till the date of filing of return of income.

Change 5 – Where no tax has been charged to an NRI for long term capital gains and short term capital gains by virtue of DTAA benefit. Details required for name of the country, article of DTAA, Whether Tax Residency Certificate was obtained or not.  The same information has been requested for in case of ‘income from other sources’ for NRIs where DTAA has been applied. One has to mention the corresponding section of the Act which prescribes the rate.

Change 6 – In schedule FA on foreign assets disclosure, the following additional details have been added.

a) Foreign Bank accounts details: It is now further required to furnish details of interest accrued in the account, the amount which is taxable from this interest and mention the schedule where it has been offered in the return.

b) Similar details are asked of income from Financial interest in any entity outside India, along with details of income offered to tax from such income and details of where it has been mentioned in the return.

c) Similar disclosure requirement is also required for Immovable property outside India, capital asset held outside India(including any beneficial interest) and for a trust held outside India.

Change 7 – Earlier net agricultural income was required to be shown under details of exempt income. Now net agricultural income has to be broken down and one has to show gross agricultural receipts, expenditure incurred on agriculture and unabsorbed agricultural loss of previous eight assessment years.