New Income Tax Form for filing Tax Return got notified for AY 2015-16

The Government has announced simplified and shorter Income Tax Return (ITR) forms. However, the controversial issues with regard to details of foreign visits and expense as well as providing bank account details remain.

1. New Form Introduced: As majority of individuals/HUFs, who file ITR-2 Form, don’t have capital gains, the Government has introduced a new form ITR-2A to make the process simple for them. The proposed ITR-2A Form is to be filed by an individual or HUF who does not have capital gains, income from business/profession or foreign asset/foreign income.

2. Passport Details instead of Foreign Visit Details: The individuals / HUFs using ITR-2 & ITR-2A forms would be required to furnish their passport numbers instead of providing the details of foreign trips or expenditure on overseas visits.

3. Bank Account Details: With regard to bank account details in all these forms, only the IFS Code along with the Account number of all Current/Savings accounts will be required to be filled up, but account balance need not be declared. However, the details of dormant accounts, which are not operational during the last three years, are not required to be furnished.

 4. SAHAJ & SUGAM Remain: Individuals with exempt income without any ceiling –other than agricultural income of over Rs. 5,000 – can now file Form ITR-1 (SAHAJ), while a similar form called ITR-4S (SUGAM) will be available for individuals / HUFs with specified business income, income from salary/pension, income from one house – excluding those who have brought forward losses from the previous year – or income from other sources, excluding lottery or horse racing.

5. NRIs: 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. However, the Indian taxpayers with overseas assets would be required to make disclosures, which was the main purpose of revision of the forms.

6. Deadline Extended: 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 August 31, 2015. 

Last modified on Wednesday, 10 February 2016 06:30

Prakash Praharaj

Shri Prakash Praharaj has a passion for excellence. He has been awarded two gold medals for securing top positions both in Graduation and Post Graduation in Commerce. He is an MBA with specialization in Finance and marketing. He has been awarded Diploma in Treasury, Investment and Risk Management besides CAIIB from the Indian Institute of Bankers. He is a Certified Financial PlannerCM from the Financial Planning standards Board, India (FPSB), affiliated to FPSB, Denver, USA and Certified Personal Financial Adviser from NISM. He is also a SEBI registered Investment Adviser vide Reg. no. INA 000000045 dated 2nd August 2013.His book "Your Every day guide to Personal Finance and Insurance" has been published by CNBC TV 18 in August 2015.

6 comments

  • Financial Planning

    posted by Financial Planning

    Thursday, 13 August 2015 15:31

    Thanks for sharing this useful information with us. This blog has really touched many important points and issues that could provide a great deal.

    Report
  • Sujata Aniruddha Sapkal

    posted by Sujata Aniruddha Sapkal

    Thursday, 02 July 2015 06:10

    Very useful information regarding new income tax filling form for ITR-2A,for salaried persons.looking forward for upcoming blog.

    Report
  • Abhishek

    posted by Abhishek

    Monday, 08 June 2015 04:56

    It's really a great and helpful piece of information. I am glad that you shared this useful info with us. Please keep us up to date like this. Thank you for sharing.

    Report
  • Raman

    posted by Raman

    Saturday, 06 June 2015 05:15

    Thank you for sharing your thoughts. I really appreciate your efforts and I will be waiting for your further write ups thank you once again.

    Report
  • Soumya

    posted by Soumya

    Friday, 05 June 2015 13:44

    great.

    Report
  • Rakesh

    posted by Rakesh

    Tuesday, 02 June 2015 09:49

    Thank you sir for latest updates about tax returns

    Report

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