New simplified Income Tax return (ITR) form is released by finance ministry today. New ITR form is quite simplified contains only three pages and does not ask information about the foreign visit and dormant accounts. These new forms of ITR2 and ITR2A will be used for filing income tax return for the assessment year 2015-16 (the income year 2014-15). Last date of filing income tax return is also proposed to be extended till 31st Aug against the normal practice of 31st July.
Important Information about New ITR form
- The new form ITR2 and ITR2A contain only three pages and all other information has to be submitted in schedule attach to ITR form.
- New ITR2A form will be filed by individual or HUF who does not have income from business/profession, capital gains or foreign asset/ foreign income.
- The new ITR2 form will be filled by individual or HUF having income from capital gains.
- No information regarding foreign travel or foreign travel expenditure is required in ITR form, only Passport Number, if available, would be required to be given in Forms ITR-2 and ITR-2A.
- New ITR form demands Account number and IFS code for all current and saving bank account held by assessee during the previous year.
- Account Balance information is not required in ITR form.
- Details of dormant accounts which are not operational in last three years are not required to be furnished.
- Software of filing income tax under development and likely to be available in third week of June.
- Last date of filing income tax return is proposed to be extended up to 31st Aug, 2015.
- A separate notification will be issued mentioning last date of filing returns.
These simplified ITR forms are being made after the controversy over earlier ITR forms, which were demanding information about foreign tours and expense.
You can Download ITR forms from here.