Here we list down the changes which have been in the Income Tax Return forms, starting with ITR -1, for financial year 2014-15 (assessment year 2015-16)
Change 1 – Introduction of Aadhar Card Number in Return of Income. This Aadhar card number shall be used for EVC system.
EVC or Electronic Verification Code shall mean that if one has an Aadhar card number there will be no need to send the physical ITR-V to CPC, Bangalore. The verification of the Return shall take place electronically. The government is working on a process to set this up and hopefully the change shall be available starting the current tax return filing.
A large number of e-filers skipped this very important process, assuming the job was done once their return was e-filed. Whereas the IT Department said that they wouldn’t consider a return filed unless the ITR-V reached them on time. It was unfair, to say the least, to expect every single tax payer to have access to a printing facility and then make the time to go to the post office to send the speed post. If the EVC is introduced the returns may not have to be verified by receipt of the physical ITR-V and therefore the refund process will get faster & smoother. One of the possible mechanism could be verifying the Return by sending an OTP to the mobile number of the tax payer.
Change 2 – ITR -1 now mandatorily requires number of bank accounts held at any time during the year. Tax payers will also have to provide details of all bank accounts with Name of the Bank, IFSC Code, name of joint holder, if any, Account number, with closing account balance as on 31.03.2015. Including accounts which have been closed during the year.
Change 3 – ITR – 1 can no longer be filed by anyone who has income from sources outside India.