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Income tax return filing simplified
Posted on: 02/Jul/2015 11:31:19 AM
After a lot of criticism in the past two months for the complicated Income Tax mechanism, the Government has rolled out new Income Tax Return forms and Tax filing procedures. Now the Income Tax department has notified the new set of ITR forms, including a three-page simplified one, for taxpayers to file their returns for assessment year 2015-16.
The most simplified form, ITR-2A, to be filled by those individuals and HUFs who do not have income from either business, profession or by way of capital gains and do not hold foreign assets, only asks for the passport number of the tax-filer, with the words "if available".
Filers now will have to declare only about the "total number of savings and current bank accounts" held by them "at any time during the previous year (excluding dormant accounts)."
The form also has space to fill up the IFSC code of the bank and in an additional feature, tax filers have been given an option to indicate their bank accounts in which they would want their refund credited.
In the ITR-2, for individuals and HUFs having income from business or profession, the form remains simple but they will have to declare if they hold any foreign assets abroad or have income from "any source outside India."
The new ITRs have replaced the 14-page form that were notified earlier this year, triggering a major controversy with individuals, industrialists and MPs saying tax filing would become cumbersome as those forms had sought details including foreign trips and bank accounts details.
The last date for filing of the ITR has already been extended for this year to August 31.
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