New Delhi, could June 01: Once complaints by individual income tax payers over the new forms proclaimed in April, the govt on Sunday notified a recent set — every of no over 3 pages — and did away with the much-resented details wanted on foreign travel and bank accounts.
Since the method remains on to recast the software to modify e-filing of the returns, the last date for filing has conjointly been extended to August thirty one, it had been proclaimed by the finance ministry on Sunday.
Notably, against the details of foreign travel and the expenditure on that needed from some classes of tax payers, the new forms need solely the passport number, together with that of the previous one, if available or issued.
Another clause grudged was over the bank accounts details and the balances, in them for each operational and the dormant ones. Now, solely the Indian economic system Code is needed for all accounts. Exemption from this has been extended to accounts dormant for over 3 years.
The finance ministry had acknowledged that the new tax forms had caused abundant concern.
“The government has received illustration on the new come back forms notified on April fifteen, 2015 and taking into account the issues raised, the govt has set to change the come back forms,” minister of finance Arun Jaitley told the Rajya Sabha earlier this month.
The Central Board of Direct Taxes (CBDT) had notified the new norms that needed an assessee to furnish all bank details, accounts opened or closed the year with the closing balance, as conjointly the sources of funds for expenses in a far off travel.
The purpose of asking details concerning foreign travel, in line with the government minister was to tackle the menace of black cash. He had additional wanted to justify the forms by oral communication recent details weren’t needed in forms filed by the bulk of individual taxpayers.
The highlights of the new forms are:
– people with income with none ceiling, apart from agricultural financial gain exceptional Rs.5,000, will currently file kind ITR one (Sahaj). Similar simplification for people and Hindu undivided families (HUFs) in respect of kind ITR 4S (Sugam).
– a new kind, ITR 2A, is filed by people or HUFs who doesn’t have capital gains, income from business or profession, or foreign quality and foreign income.
– In stead of foreign travel details, only passport range, if on the market, would be needed to run in Forms ITR-2 and ITR-2A. Details of journeys or expenditure on that not needed.
– On checking account details, solely the IFS code and also the range of current and savings accounts control throughout previous year will be needed. The balance isn’t needed. Details of dormant accounts, not operational for last 3 years, not needed.
– A foreigner in India on a business, employment or studies visa, not compulsorily needed to report foreign assets noninheritable throughout the previous years during which he/she was non-resident — if no financial gain comes from such assets throughout the relevant previous year.
– To alter additional, the most pages of kind ITR 2 and new kind ITR 2A, won’t contain over 3 pages. alternative data will be captured in Schedules, needed to be crammed providing applicable.
“As the software for these forms is below preparation, they’re doubtless to be on the market for e-filing by the third week of June 2015,” a press release issued by the finance ministry said.
“Accordingly, the deadline for filing these returns is additionally projected to be extended up to August thirty one, 2015 (31.08.2015). A separate notification will be issued during this regard,” the statement further.