NDA Govt. brings new, simple IT return forms Sunday May 31,2015

 

The Finance Ministry on Sunday May 31,2015 came out with new three-page income tax return (ITR) forms, dropping the controversial provision for mandatory disclosure of foreign trips and dormant bank accounts, while it also extended the last date of filing to August 31,2015

The salaried individuals and those persons who do not have business/professional income are required to file I-T returns in either ITR-1 or ITR-2 by July 31 every year. 

The new forms — ITR 2 and ITR 2A — will have only three pages and other details will have to be filled in schedules, said a Finance Ministry statement.

At present, individuals/HUFs having income from more than one house property and capital gains are required to file form ITR-2.

Individuals having exempt income without any ceiling (other than agricultural income exceeding Rs 5,000) can now file form ITR 1 (Sahaj). Similar simplification is also proposed for individuals/HUF in respect of form ITR 4S (Sugam)

A new form ITR 2A has been brought out by the Ministry, which can be filed by an individual or HUF, who does not have capital gains, income from business/ profession or foreign asset/foreign income.

The statement also said that the last date for submission of tax returns will be extended to August 31, 2015.

“In lieu of foreign travel details, it is now proposed that only passport number, if available, would be required to be given in forms ITR-2 and ITR-2A. Details of foreign trips or expenditure thereon are not required to be furnished,” it said.

Further, the Ministry has done away with disclosure of details of dormant accounts which are not operational during the last three years.

“As regards bank account details in all these forms, only the IFSC code, account number of all the current/savings account, which are held at any time during the previous year will be required to be filled-up. The balance in accounts will not be required to be furnished,” the statement added