{"id":7013,"date":"2016-05-04T09:25:22","date_gmt":"2016-05-04T03:55:22","guid":{"rendered":"http:\/\/www.apnaplan.com\/?p=7013"},"modified":"2016-05-04T09:25:22","modified_gmt":"2016-05-04T03:55:22","slug":"changes-in-itr-budget-2016","status":"publish","type":"post","link":"https:\/\/www.apnaplan.com\/changes-in-itr-budget-2016\/","title":{"rendered":"4 Changes in filing Income Tax Returns in Budget 2016"},"content":{"rendered":"
\"Income
Income Tax Return – Changes in Budget 2016<\/strong><\/figcaption><\/figure>\n

Budget 2016 had made some changes in the rules related to Income Tax Returns. We discuss these changes and what it means for the tax payers.<\/p>\n

1. Who needs to File Income Tax Return Compulsorily?<\/h3>\n

Existing Rule (till AY 2015-16)<\/a> you need to file your income tax return if your gross taxable income (without any tax saving deduction) is more than the basic tax limit applicable for you.<\/p>\n

Budget 2016 changes<\/strong>: you need to file your income tax return if your gross income (without any tax saving deduction) is more than the basic tax limit applicable for you. This gross income would also include the long term capital gains earned on sale of shares or equity based mutual funds<\/strong>\u00a0where STT (Securities Transaction Tax) has been paid which are tax free u\/s 10(38).<\/p>\n

Until last year the income tax assesses had to show the above capital gains as exempted income in the ITR form. This has been done to cover people who have earned substantial long term capital gains but do not file income tax returns.<\/p>\n

This would also cover people who do not have any taxable income but their long term capital gains exceed their basic tax income limit.<\/p>\n

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Also Read:<\/strong>\u00a0Form 26AS \u2013 Verify Before Filing Tax Return<\/a><\/p>\n<\/blockquote>\n

The basic tax income limit for AY 2016-17 (FY 2015-16)<\/strong> is as follows:<\/p>\n