IT returns simplified

itr2_for_filing_income_tax_returnIn order to simplify filing income tax returns it has been ensured that ITR 2 and the new form ITR 2A had been down sized. Other information will be captured in the schedules which will be required to be filled only if applicable. The time limit for filing these returns has been extended to August 31. Forms ITR 1, 2 and 4S for 2015-16 were notified on April 15. 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/HUF in form ITR 4S (Sugam).

At present individuals/HUFs having income from more than one house property and capital gains are required to file form ITR-2. In order to provide a simplified form a new Form ITR 2A is proposed. In lieu of foreign travel details, it is now proposed that only passport number is required in forms ITR-2 and ITR-2A. Bank account details should be filled-up. The balance in accounts is not required. An individual who is not an Indian citizen and is in India on a business, employment or student visa (expatriate), need not report foreign assets acquired during the previous years.

Medaram Jathara

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