Race for filing Income Tax Return begins with simplified ITR Forms

New and simplified ITR Forms are finally available on the income tax site. The Income Tax department has notified the new set of ITR forms. Now, all the taxpayers and other entities will come in limelight to file their ITR. As we already mentioned in our article, it is to remind that the last date for filing ITR for AY 2015-16 is 31st August, 2015. So, race for filing Income Tax Return begins as Department notified simplified ITR Forms.   oie_JGxSU3QUkCks The new Income Tax Return forms – Few things must be noted:

  • ITR-2A to be filled by those individuals and HUFs who do not have capital gains, income from business/profession or foreign asset/foreign income.
  • ITR-2A – At present individuals and HUFs having income from more than one house property or capital gains were required to file Form ITR 2. It was observed that majority of taxpayers who file Form ITR 2 do not have capital gains. With a view to provide a simplified version of this form for such individuals and HUFs, a new Form ITR 2A is notified.
  • Details of foreign trips – Mandatory to furnish details of foreign trips in new Form ITR 2. Only passport number of the tax-filer shall be mentioned, “if available”.
  • Details of bank accounts – The balance in accounts will not be required to be furnished. Details of dormant accounts which have not been operational during the last three years are not required to be furnished. Now only the IFS Code, account numbers of all current/savings accounts which are held at any time during the previous year have to be furnished.
  • ITR 1 for Individuals earning exempt income – Individuals having exempt income without any ceiling (other than agricultural income exceeding Rs. 5,000) can also file ITR 1. If taxpayer has agricultural income the return shall be filed in ITR 2 or ITR 2A, as the case may be.
  • 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.

Government is taking various steps to ease taxpayers by bringing an end to their grievances. In this regard, other than new and simplified ITR Forms, CBDT plans that all income tax refunds shall be directly deposited in bank accounts. In addition, as promised by Finance Minister, it is expected to notify a small time compliance window for voluntarily disclosing undeclared foreign assets or foreign black money by end of this month or 1st week of July. Disclosure under window would attract 30% tax & 30% penalty, where as in case of disclosure post window closure penalty would increase to 90%. All together, we can say that taxpayers are coming in comfortable zone with the help of government’s day to day revised policy. For ITR Filing and related services visit: taxmantra.com