Laxman has been trying to make new ringtones using iTunes, but they don't show up in iOS 6. Leo says that there was a problem in iOS 8 that it was deleting ringtones. But that's been fixed in the latest update, iOS 8.1.2. It's still possible to do ringtones in iTunes 12, but it's a long and involved process. He should check out this procedure sent by a member of the chatroom -
Mark emailed in to explain how he does this. Mark recommends following the steps on TechISky, but with one alteration. Instead of choosing "Add to Library" (step #7 on the page) to get the ringtone into iTunes 12, he should make the window smaller so that he can see the created ".m4r" file in Finder, then drag and drop the file into the "tones" section of the iTunes window.
This is still not as nice as the built in editor of the past, but it's still easier than firing up GarageBand.