I-T return forms made simpler

Mon 01 Jun 2015, 10:51:51

New Delhi: The Modi government on Sunday dropped the controversial provisions of mandatory disclosure of foreign travel and dormant bank accounts from income-tax return forms.

However, taxpayers will have to disclose their passport numbers, if available, while filing their I-T returns using forms ITR-2 and ITR-2A, and also report all active bank accounts that were disclosed in the previous financial year.

“Details of foreign trips or expenditure thereon are not required to be furnished,” the Finance Ministry said in a statement.

The ministry has also extended the last date of filing income tax returns by a month to August 31.  The simplified forms replace the 14-page forms notified by the ministry earlier this year, a move that triggered a controversy.

The software for the new forms is under preparation, said the ministry, adding that it would be available for e-filing of returns by the third week of June. A separate notification would be issued in this regard.

A big chunk of people complained that filing of I-T returns would become a cumbersome process with the 14-page forms, and had sought a review.

“The main form will not contain more than three pages,” said a Finance Ministry statement, adding that other information will be captured in schedules that will be required to be filled only if applicable. Salaried individuals and those who do not have business or professional income are required to file I-T returns in either ITR-1 or ITR-2.

A new form, ITR-2A, has been brought out by the ministry, which can be filed by an individual or HUF who does not have capital gains, income from business/ profession or foreign asset/foreign income.

As regards bank account details in all these forms, only the IFS code, account number of all current/savings account, which are held at any time during the previous year will be required to be filled up, said the statement, adding that balance in accounts will not be required to be mentioned.

“Details of dormant accounts which are not operational during the last three years are not required to be furnished,” it said.

No Comments For This Post, Be first to write a Comment.
Leave a Comment
Enter the code shown:

Can't read the image? click here to refresh

Todays Epaper

Which men's cricket team will reach in the semifinal of ICC World Cup 2019?