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 3rdweek 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.
Sources: http://pib.nic.in/newsite/erelease.aspx
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