1)Compulsory e-filing to claim tax refund : Till assessment year 2014-15, individuals or HUFs, who were otherwise not liable to file return of income electronically, could claim tax refund by filing return of income in physical form. However, the new provision makes it mandatory for every taxpayer to file return of income electronically so as to claim refund of tax from the department. However, an option is given to super senior citizens claiming income-tax refund, to file return of income in physical form, provided return is furnished in ITR- 1 or ITR- 2.
2)Mandatory reporting of details of bank accounts in India : In new ITR forms, an assessee is required to report details of all bank accounts held by him in India at any time (including opened/closed ones) during the previous year. Further assessee is also required to report the closing balance of accounts as on 31st march of the previous year.
3)Reporting of details of foreign travel : Now details about overseas travel are also required to be furnished in new ITR Forms.
4)Details about foreign income : The new ITR forms seeks more details about the foreign assets. Now details about income from any source outside India are also required to be furnished in new ITR forms.
5)Compulsory e-filing of ITR-3 and ITR-4 : Every individual or HUF who is required to file return in form ITR-3 or ITR-4 shall file the same electronically.
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