Govt to simplify ITR Forms- New ITR-2A to come- Due Date extended to 31.08.2015 from 31.07.2015- No need for Foreign Travel and Dormant Bank A/c details

Income Tax Return Forms ITR 1, 2 and 4S Simplified for Convenience of the Tax Payers;

A New Form ITR 2A Proposed which can be Filed by an Individual or HUF who does not have Capital Gains, Income from Business/Profession or Foreign Asset/Foreign Income; In Form ITR 2 and the New Form ITR 2A, the Main Form will not Contain more than 3 Pages, and other Information will be Captured in the Schedules which will be Required to be filled only if applicable;

As the Software for these Forms is under Preparation, they are likely to be available for e-filing by 3rd week of june 2015;Time Limit for Filing these Returns is also Proposed to be Extended up to 31.08.2015;

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

Forms ITR 1, 2 and 4S for Assessment Year 2015-16 were notified on 15th April 2015 (15.04.2015). In view of various representations, it was announced that these ITR forms will be reviewed. Having considered the responses received from various stakeholders, these forms are proposed to be simplified in the following manner for the convenience of the taxpayers:-

1) 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).

2) At present individuals/HUFs having income from more than one house property and capital gains are required to file Form ITR-2. It is, however, noticed that majority of individuals/HUFs who file Form ITR-2 do not have capital gains. With a view to provide for a simplified form for these individuals/HUFs, a new Form ITR 2A is proposed which can be filed by an individual or HUF who does not have capital gains, income from business/profession or foreign asset/foreign income.

3)  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.

4) As regards bank account details in all these forms, only the IFS 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. Details of dormant accounts which are not operational during the last three years are not required to be furnished.

5) An individual who is not an Indian citizen and is in India on a business, employment or student visa (expatriate), would not mandatorily be required to report the foreign assets acquired by him during the previous years in which he was non-resident if no income is derived from such assets during the relevant previous year.

6) As a measure of simplification, it has been endeavoured to ensure that in Form ITR 2 and the new Form ITR 2A, the main form will not contain more than 3 pages, and other information will be captured in the Schedules which will be required to be filled only if applicable.

As the software for these forms is under preparation, they are likely to be available for e-filing by 3rd week of June 2015. Accordingly, the time limit for filing these returns is also proposed to be extended up to 31st August, 2015 (31.08.2015). A separate notification will be issued in this regard.

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Tags : Due Date (151) Income Tax Retun Filing Due Dates (115) itr 1 (66) itr 2 (57) ITR 2A (8) ITR 4 (39)

0 responses to “ITR Forms Simplified – New ITR-2A to come- Due Date extended to 31.08.2015”

  1. JK says:

    This is all a goonda raj. Govt wants to target and further squeeze only salaried middle class but don’t want to chase true black money culprits. You know the ones that gave this BJP govt 1000 crores which they spent on their election campaign touting JHUMLAS of 15 lakh in each person’s account , Acche din (which is now revised to take 25 years). All black money goes to politicians and the rest is going through Dawood ibrahim etc. who money launder on behalf of these politicians to swiss accounts and they know that all this BS will not chase the real money and their accounts are safe. All the really huge mountains of real estate and corporate/business black money goes and comes back through Mauritius as legit investments in FII and corrupt govt sections will have share of all loots. They will not chase any of this money. But they will do FATCA etc.. with America because they know that’s where all the hard working salaried NRI’s and others are saving for several years and These slobbering vultures through this bill will target all those NRI’s who do not have citizen ship and who come back to reside in their motherland.

  2. laxmanbhai patel says:

    If i had longterm capital gain from mutual fund investment in addition to salary income which form i should have to file for IT return for AY-2015-16

  3. kishan joshi says:

    The ITR forms for Assessment yr 2015-16 is not yet available. How a person who is leaving India for about more than 5 months, will fille the return, though TDS has been deducted(26 AS Form). Can he be allowed to fille the return till March,2016?

  4. Deepak A Pradhan says:

    As regards bank account details in all these forms, do the taxpayer has to mention the details of savings account as second holder also, or only where he/she is only or first holder (in whose name the interest/tax is applied)?



  6. vinay says:

    salaried people on which tds deducted ,which itr form used

  7. Mihir says:

    As the online form will be available from 3rd week of June, and we should get full three months to file all the returns and due date should be extended to 30th sept.2015.

  8. Qudratae Mahmud says:

    Over all, automatically you must be paid income tax of your entire accounts currents as well as saving, Rd and Fd too. After few years Government will ask you indirectly give 100% tax of your total income and this’ll be not a tragedy; so keep it on your mind for future.

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