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.
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.
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
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?
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)?
NOTHING IS SIMPLE.
THIS ONLY FOR BEING LATE.
DATE SHOULD BE EXTEND TO 30.9.15
salaried people on which tds deducted ,which itr form used
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.
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.
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)?
How to new itr fillup
NOTHING CHANGED FROM EARLIER RETURN, EXCEPT SHOWING CASH AT BANK AS ON 31/03/2015. GIVING IFSC CODE, A/C No. IS SUFFICIENT TO I.T DEPT TO KNOW THE BANK BALANCE. IT IS JUST EYE WASHING
There is no need to required the all banks details of a Salaried Person.Only operational Bank account detail are sufficient.
step taken by govt is very good as of in connectin of black money. as details of bank a/c given in itr form are must to club black money and income escaping from tax.so all a/c details with balance is good step.
quote Since the online form would be ready only in the 3rd week of June 2015 (assuming that this deadline is met), then there would be a great rush to file the returns before the last date of 31st August 2015, which would perhaps crash the computer system. I therefore hope that the last date for filing returns would be extended to 30th Sept., 2015 unquote. I agree with this. other items are just argumentative.
No need to ask for Account details.INterest on F D reflect in 26AS Banks not working properly to show in 26AS. ITR form should be very simple to file for Salaried person.Govt not giving Std deduction for them. Buiesness man settle money but salaried person not. So think over simple form for salaried person and seperate form for pensioners.
Time for filing the forms may please be extended till 30th Sept.
All Bank account holders are directed to take PAN while their Deposit in or withdrawal from Bank Account exceeds Rs.50000. RTGS and NEFT functionalities are enabled for easy transactions. In this situations asking the Account Number IFS code, nature of account is will not be tolerable. In this, the non-IT filers are using the RTGS/NEFT is very huge. Department should concentrate on Non-filers and may give some grace on regular IT filers. Because non-filers enjoys everything but regular filers suffers for normal things. What a tragedy?
As it is expected that the I T Dept server will be ready by 3rd week of June,15 and later other software makers have to prepare or amend thier existing softwares, it will take another week. Hence date should be extended to 30th Sept with due regards to Section 234A.
ALL OLD PERSONS ABOVE AGE OF 80 YEARS BE EXEMPTED FROM FILING ANY RETURNS. THEY HAVE PAID ENOUGH TAXES OVER THE YEARS. THE NUMBER OF THESE LIVING-BEINGS IS SO SMALL THAT COUNTRY CAN AFFORD TO LET THEM DIE PEACEFULLY.
Details of bank accounts where the assesse’s name is first should be called for and not the details of accounts where he is a joint holder in his/her Spouse’s or parents account only for convenience.
Income tax , Central Excise, Customs, Service tax etc., there is no simplification of rules at all and they are only becoming more and more complex and cumbersome day by day. Why not Govt think about really simplyfying in letter and spirit. Govt should spend less time for preparation and Individuals who have some income, Business men who earn profits should find it easy to understand the rules and they be willing to pay automatically.
No one in Govt. either elected Reps.or Depts are not working sincerely honesltly, efficiently and effectively. They are forgetting that GOD is watching them. If they don’t change for good GOD will take away their happiness without any further delay.
Since individuals PAN already linked to all his bank account details of bank accounts held by individual is available to authorities hence I feel there is no need to ask for bank details in form. In fact aadhar card, PAN card , ration card , passport , driving license and debit card / credit card all must be clubbed to single card valid for all financial transaction.
Only one operational account is sufficient.
Why not IT Department asking for cash in hand as on 31.03.2015.
Gold possesses.
Let us wait for the actual forms to be announced, to know the fine print.
In respect of bank accounts, it needs to be clarified if all accounts in which the assessee is a joint holder, should be reported, or only those where the balances in the account belong wholly or even partly to the assessee. It is now clear that details of accounts such as fixed and recurring deposits, need not be provided, since only current and savings accounts have been specified. Thanks for small mercies!
If a person has renewed his passport during FY 2014-15, should he provide the details of the old passport too? If the intention is to check (from the records of Immigration Dept.) the number of occasions a person went abroad, then details of travel abroad using the old passport, would not be captured. It is also not clear whether the enormous task of coordinating the Immigration Dept. records with the I-T Dept. is a practical proposition at present.
Merely because a person made ‘frequent’ trips abroad does not automatically make him a suspect of having money stashed abroad illegally. One can nowadays open a bank account online and operate it online. How the passport information is going to be useful, is a moot point.
Since the online form would be ready only in the 3rd week of June 2015 (assuming that this deadline is met), then there would be a great rush to file the returns before the last date of 31st August 2015, which would perhaps crash the computer system. I therefore hope that the last date for filing returns would be extended to 30th Sept., 2015.
There is chances of handling transactions of others who are not aware of banking like mother sisters etc. In such cases there may not be proper records. Government must provide proper time gap and ask for these details will be the justice.
It is too much asking for information of all bank accounts.
Is it bank accounts during FY or as on date of filing Return.
This is no simplification. The statement made by Mr.Rajiv is absolutely correct
point no. 4 is harsh and gives chance for exploitation bi i.tax dept.