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  1. All you need to know about the new income tax return forms

All you need to know about the new income tax return forms

The government has extended the deadline for filing returns till August 31, 2015, in place of July 31, 2015, under the revised forms.

By: | Updated: June 24, 2015 1:20 PM
income tax

The government has extended the deadline for filing returns till August 31, 2015, in place of July 31, 2015, under the revised forms.

The income tax (I-T) department on June 23 notified new and more simplified set of tax return forms for assessment year 2015-16. The new compressed I-T forms are compressed into three main pages and doesn’t feature questions on foreign travel. It also exempts expatriates from reporting assets in their home countries that do not yield income.

The government has extended the deadline for filing returns till August 31, 2015, in place of July 31, 2015, under the revised forms.

Here are the few things to know about the new income tax forms

* As promised by finance minister last month, the 14-page income tax return (ITR) form is replaced with simpler three-page ITR forms.

* The new forms for individuals not having income from business or profession, who need to file the ITR-2 form, need to answer detailed questions on capital gains and income from house property, only if applicable.

* With regards to ITR-2, for those with capital gains, the earlier 14-page form has been replaced with a 3-page form with a schedule comprising 10 pages.

* A new form — ITR-2A — has been issued for individuals or Hindu undivided families (HUF) who do not have business income, capital gains or income from profession, and do not hold foreign assets. However, such taxpayers will have to disclose their passport numbers, if available, in place of the details about foreign trips sought earlier.

* 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.

* Bank details for refund: Assessees will have to provide the IFSC code of the bank and the account in which they want their refunds to be credited. Those filing form 2A will get a four-page schedule that has to be filled by only those who have to disclose additional details on a case-to-case basis.

* The new ITR-2 form says that expatriates who are in India on business, employment or student visa, need not report assets acquired during the reporting.

* The I-T department, in the new ITRs, has also sought the Aadhaar number of filers and has also given options for providing two email ids to it.

* Also, in the new ITRs, an expat who is not an Indian citizen and is in India on business, employment or student visa, would not mandatorily be required to report the foreign assets acquired by him during the previous years when he was non-resident and if no income was derived from such assets during the relevant previous year.

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