Revised ITR forms notifed

[Deepak Aggarwal]

As promised, CBDT has come with new revised Income Tax Return Forms ITR 1, 2, ITR-2A [new form] and 4S, Simplified for Convenience of the Tax Payers.Time Limit for Filing these Returns is also Proposed to be Extended up to 31.08.2015. The Ministry of Finance Press Release is as under:

Press Information Bureau Government of India

Ministry of Finance

31-May-2015 13:53 IST 

• 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 3rd week 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 ₹ 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. 

 

          Thanks 

[DR.MARIAPPAN GOVINDARAJAN]

Thanks for the information.

AI Summary

Income tax return simplification: expanded eligibility and reduced disclosure requirements for individuals and HUFs, easing e filing. Revisions streamline individual return forms by introducing a simplified ITR 2A for individuals/HUFs without capital gains, business income, or foreign assets/income; ITR 1 and ITR 4S are simplified for exempt income filers. Disclosure is narrowed to passport number instead of foreign travel details, bank reporting limited to IFS code and account numbers without balances, and expatriate non citizens need not report foreign assets acquired while non resident if no income arose. Main forms are capped at three pages with additional schedules required only if applicable.