Due date for ITR Filing extended to August 31..Simplified forms introduced

As we are entering the month of June, what is the top most things in our mind? What is that which has set to create a pressure on us. Yes… true, its Individual ITR Filings.  Its June and this year heat wave has set its target to burn us. But for us, its not only heat but in addition, we have heat of July pressure through which we have to run.   images (1) These things must be running in all of us mind. But before you are getting ready to set your back straight again after submission of Annual LLP Form then this is for you. Don’t go in monotonous form to submit that regular ITR Form 1, 2 and 4S. In this heating zone, may be weather is not supporting us but our Government is taking care of us. So, sit in AC room, relax your mind and chill it out while reading this. So, go ahead with the following highlights which will surely make you coolll!!!

  1. This year, for convenience of tax payers, ITR Forms 1,2 and 4S are being simplified.
  2. For Individual and HUF who does not have capital gain, Income from Business/ Profession or Foreign Assets/ Foreign Income, a new form– Form 2A is proposed.
  3. In ITR Form 2 and 2A, the main form will not have more than 3 pages. Other information shall be submitted in Schedules only if applicable.
  4. Disclosure of details of dormant accounts which are not operational during the last three years is no more required.
  5. For operative bank accounts, 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.
  6. 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)

Note: The software for these modification is still under preparation so, they are likely to be available by 3rd week of June. By reading these please do not panic. As these forms will not be available well in time so, the due date of filing these return has been extended. You read it correct. Due date has been extended up to 31st August 2015. A clarification has been issued regarding foreign trips or expenditure thereon. In this context, only Passport Number, if available shall be required in ITR Form 2 and 2A. We know by now you must be chilled. Relax and wait for the new forms to come. By that time just make a plan how to execute your work and surely how can you beat this summer. Not to miss: 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. so, chill out this summer with extension of due date of filing return to August 31 and new and modified ITR Forms.  We will be coming again soon to give full description over this and make you cool!!!! For any further assistance, please contact us at: http://taxmantra.com/online-tax-return/ _______________________________________________________________________________________