From last few months we were hearing that government is trying to get new revised simplified ITR forms. On Sunday (31st May, 2015) only Finance Ministry of India came up with new Income Tax Return Forms (ITR); which needs to be filled for financial year 2014-15 (assessment year 2015-16). This is 2nd or 3rd revision in ITR form during few months’ period; previous version of it faced a lot of oppositions from the people, ministers etc. because in the previous version it was made compulsory to disclose one’s foreign trip details.
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.
Key Features of the New and Revised ITR Forms:
a.) A new form ITR 2A has to be filed by an individual or HUF, who does not have capital gains, income from business/ profession or foreign asset/foreign income.
b.) In these 2 new ITR forms only passport numbers needs to be disclosed, if applicable. Details of foreign trip, not required to be furnished.
c.) Need not to disclose details of dormant accounts which are not operational during the last three years.
d.) Bank account details need to be furnished in all these forms, only the IFSC code and 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
e.) 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.
f.) Individuals/HUFs having income from more than one house property and capital gains are required to file form ITR-2. Considering that the majority does not have capital gains, ITR-2A is introduced for such individuals. If you are a salaried individual and have income from one house property, ITR-2A is to be filled now.
g.) 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).
h.) The last date for submission of tax returns will be extended to August 31, 2015.
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