A New Form ITR 2A Proposed which
can be Filed by an Individual or Hindu Undiveded Familt (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 / HUFs in respect of Form ITR
4S (Sugam).
(2) Now
individuals / HUFs having income from more than one house property &
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 &
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 (Three)
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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