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 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).
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.
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