The Finance Ministry has released a note with an update on the Income Tax Return Forms for Assessment Year 2015-16 (Financial Year 2014-15). Tax payers have been anxiously waiting to hear on these forms. Given the forms have seen some changes and are a little delayed, the ministry has also proposed that the return filing due date be extended to 31st August 2015. These are the most updated and FINAL ITR return forms for AY 2015-16 (FY 2014-15) which were released on 23rd June 2015.
There may be a big relief for those who were wary of providing bank account balances, as only IFSC Code and bank account number may be asked. Details for dormant accounts, which have not been in operational since the past 3 years, may not be required to be provided in the ITR now.In a welcome move, the ministry also said that details of foreign trips may not be required anymore; only quoting your passport number shall be enough. Many tax payers will be relieved from collating extra information for their foreign trips; they may no longer have to provide foreign trip details.Expatriates who become residents by virtue of their extended stay are proposed to be exempt from reporting foreign assets which were acquired by them while they were ‘non-resident’ in India where such foreign assets do not earn any income. This is a big relief to expatriates who are not Indian citizens and come to India on business or work or for further studies and thereby attain Resident status due to an extended stay.
Changes in new simplified ITR form:
- ITR-2A, the most simplified form, will be filled by those individuals and Hindu Undivided Families (HUFs) who do not have income from either business, profession or by way of capital gains.
- The form also will be filled by those who do not hold foreign assets.
- Taxpayers will have to mention passport number. However, this particular table on the form are having the words “if available”.
- Tax-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).
- The form also has space to fill up the IFSC code of the bank.
- Tax-payers will be given an option to indicate their bank accounts in which they would want their refund credited.
- Tax-filers also have to mention their Aadhaar number.
- Individual will also be given the options for providing two email ids.
- An additional four-page schedule also has been provided for those who wish to file anymore details, applicable in a case-to-case basis.
- In the ITR-2, for individuals and HUFs having income from business or profession, the form remains simple but they will have to declare if they hold any foreign assets abroad or have income from “any source outside India.”
- 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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