CBDT notifies revised ITR-1, ITR2 and ITR-4S along with new form ITR-2A for A.Y 2015-16; In lieu of foreign trip details, newly notified forms seek passport number, “if available”; New forms exempt disclosure of “dormant” bank accounts details; Further, account balance in bank accounts, now not required to be disclosed; Expats not required to report foreign asset details, if no income derived from such assets during relevant previous year; Other disclosure requirements in the newly notified ITR forms largely unchanged vis-à-vis earlier notified forms in April, 2015.

CBDT has notified the simplified version of income-tax return forms- ITR-1, ITR-2 and ITR-4S along with new form ITR-2A, for AY 2015-16,after having withdrawn the earlier set of forms notified on April 15, 2015.

Key changes in newly notified ITR forms vis-à-vis earlier forms for AY 2015-16

Forms Changes vis-à-vis earlier notified forms
ITR 1 (applicable to individuals having salary income / one house property income / other sources income like bank interest)

· Details of dormant bank accounts (not operational during the last three years) not to be furnished

· Bank accounts balances  no more required to be furnished

·  Provides option to indicate bank accounts in which assessee would want his refund credited

·   Additional bank account details like name of the joint holders (if any) now stands deleted

ITR 2 (applicable to individuals/HUFs not having business/profession income)

·  Details of foreign trips or expenditure thereon, not required to be furnished

· Passport no., if available, to be furnished

·  Details of dormant bank accounts (not operational during the last three years) not to be furnished

·  Bank accounts balances  no more required to be furnished

·  Provides option to indicate bank accounts in which assessee would want his refund credited

·  an expat (not an Indian citizen and is in India on business, employment or student visa), not mandatorily required to report the foreign assets acquired by him during the previous years when he was non-resident, if no income derived from such assets during the relevant PY

ITR 4S Sugam (applicable to Individuals / HUFs deriving business income from presumptive scheme u/s 44AD & 44AE of the Act)

·   Details of dormant bank accounts (not operational during the last three years) not to be furnished

·  Bank accounts balances  no more required to be furnished

·  Provides option to indicate bank accounts in which assessee would want his refund credited

New ITR-2A Key Features of New ITR-2A:

Applicable to individuals / HUFs ,not having either business/profession income ,or capital gains and not holding foreign assets;

Bank account details similar to aforesaid ITR forms

Seeks Passport No.,if available

Seeks Aadhaar No. and email ids

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0 responses to “Taxsutra Analysis – New ITR forms seek passport no., exempts ‘dormant’ bank accounts & foreign travel details”

  1. Monika says:

    Do I need to specify a joint account where I am the second holder?

  2. nitin garg says:

    sir,
    what does the meaning of dormat in respect of the return and from which three last year is counted for the (in operational period)

  3. DT says:

    IN ITR-1, do I have to disclose the bank accounts where I am the second holder? My wife is the first holder.

  4. Swati says:

    If the information asked fr in new ITR is not given then what are the consequences

  5. Swati says:

    If the information asked in new ITR is not given then what are the consequences

  6. Dharma says:

    Dear sir,

    I Need Clarity in Case of Bank A/c’S and Foreign travel Expenditure.
    Some Authors are Saying All Bank a/c’s (whether Operating or not Including Foreign Banks also)Should be discloused in the ITR along with Foreign Travel Expenditure made in the year along with Passport no and assets in Abroad.

    Please give me Clarity regarding the above Subject.

    Regards,
    Dharma

  7. Kumar Patankar says:

    Thanks for giving very essential information on ITR. Further I have a query Can parent of unmarried or married girl take rent monthly rent from his/her daughter or son who is salaried asses see for using owned property of the parents in order to get HRA tax benefit as per sec.10(13A). However, parents is showing the income received from such rent in hit ITR and submitting Pan no and having legal contact for 11 months.pl.advise Also pl. let me know if this benefit to be utilized which was remained to be claimed with employer, this can be claimed in ITR filing, so which form to be used for Asst.Year 2015-16(fY.2014-15)Is it form 2A (new)Pl.advise.
    Is it require to submit NRI bank a/c no in India or a/c no at foreign bank along with all existing bank a/c no +IFSc in India.Pl.advise

  8. Vidyadhar Swami says:

    For Mr. Vinod Kumar Arora

    ITR-1 & yes, you have to provide details of all the accounts.

    For Vinod Sud
    ITR-1

  9. Venkatraman says:

    1.whether tax payer having LTCG on shares(which is otherwise exempt on payment of STT) should use ITR 1 and indicate in exempted column Or use ITR 2.
    2. Bank accts in coop banks are 4 digit accounts and no IFSC code.How to declare them?

  10. M K SRIDHARN says:

    Sir,
    While I have no capital gain and no foreign assets I had capital losses in the previous years. Which form I should submit.

  11. vinod sud says:

    Sir, I am an individual having income from pension,rent from one house and interest income from Fds. Do I have the option of selecting either of ITR 1 or ITR2 If yes, which is more convinient?

  12. K.K.N.Namboodiri says:

    informative in deed.

  13. vinod kumar arora says:

    I am retired employee from Pvt job. At present i have only Bank Fd interest Income. which form to be filled for return . At present i have accounts in 5 Banks . whether i have to give details of all accounts

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