Categories: Direct TaxIncome Tax

Highlight on ITR Forms Details

INCOME TAX RETURN FORMS ITR 1, 2 AND 4S SIMPLIFIED FOR CONVENIENCE OF THE TAX PAYERS

A New Form ITR 2A Proposed which can be Filed by an Individual or HUF who does not have Capital Gains, Income from Business/Profession or Foreign Asset/Foreign Income.

 In Form ITR 2 and the New Form ITR 2A, the Main Form will not Contain more than 3 Pages, and other Information will be Captured in the Schedules which will be required to be filled only if applicable

As the Software for these Forms is under Preparation, they are likely to be available for e-filing by the 3rdweek of June 2015; Time Limit for Filing these Returns is also proposed to be extended up to31.08.2015;

Only Passport Numbers, if available, would be required to be given in forms Itr-2 and itr-2A. Details of Foreign Trips or Expenditure thereon are not required to be furnished;

Forms ITR 1, 2, and 4S for Assessment Year 2015-16 were notified on 15th April 2015 (15.04.2015). In view of various representations, it was announced that these ITR forms will be reviewed.

Having considered the responses received from various stakeholders, these forms are proposed to be simplified in the following manner for the convenience of the taxpayers:-

  • Individuals having exempt income without any ceiling (other than agricultural income exceeding Rs. 5,000) can now fileForm ITR 1 (Sahaj).
  • Similar simplification is also proposed for individuals/HUF in respect of 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.
  • It is, however, noticed that majority of individuals/HUFs who file Form ITR-2 do not have capital gains.
  • With a view to provide for a simplified form for these individuals/HUFs,a new Form ITR 2A is proposed which can be filed by an individual or HUF who does not have capital gains, income from business/profession or foreign asset/foreign income.
  • In lieu of foreign travel details, it is now proposed that only Passport Number, if available, would be required to be given in Forms ITR-2 and ITR-2A. Details of foreign trips or expenditure thereon are not required to be furnished.
  • As regards bank account details in all these forms, only the IFS code, account number of all the current/savings account which are held at any time during the previous year will be required to be filled-up.
  • The balance in accounts will not be required to be furnished. Details of dormant accounts which are not operational during the last three years are not required to be furnished.
  • An individual who is not an Indian citizen and is in India on a business, employment or student visa (expatriate), would not mandatorily be required to report the foreign assets acquired by him during the previous years in which he was non-resident if no income is derived from such assets during the relevant previous year.
  • As a measure of simplification, it has been endeavoured to ensure that in Form ITR 2 and the new Form ITR 2A, the main form will not contain more than 3 pages, and other information will be captured in the Schedules which will be required to be filled only if applicable.
  • As the software for these forms is under preparation, they are likely to be available for e-filing by 3rd week of June 2015.
  • Accordingly, the time limit for filing these returns is also proposed to be extended up to 31stAugust, 2015 (31.08.2015). A separate notification will be issued in this regard.

Guide to select correct Income Tax Return.

Read more for related blogs are ;

Rajput Jain & Associates

Rajput Jain & Associates is a Chartered Accountants firm, with it's headquarter situated at New Delhi (the capital of India). The firm has been set up by a group of young, enthusiastic, highly skilled and motivated professionals who have taken experience from top consulting firms and are extensively experienced in their chosen fields has providing a wide array of Accounting, Auditing, Taxation, Assurance and Business advisory services to various clients and their stakeholders. Rajput jain & Associates, a professional firm, offers its clients a full range of services, To serve better and to bring bucket of services under one roof, the firm has merged with it various Chartered Accountancy firms pioneer in diversified fields. We have associates all over India in big cities. All our offices are well equipped with latest technological support with updated reference materials. We have a large team of professionals other than our Core Team members to meet the requirements of our prospective clients including the existing ones. However, considering our commitment towards high quality services to our clients, our team keeps on growing with more and more associates having strong professional background with good exposure in the related areas of responsibility.

Recent Posts

Loan Against Shares Interest Rates Explained: Investors Know

Loan Against Shares Interest Rates Explained: What Investors Should Know In India’s dynamic financial market, investors often look for flexible… Read More

1 week ago

Why and How to Avoid Useless Expenses this Diwali

Why and How to Avoid Useless Expenses This Diwali – A Nature Lover’s Perspective  October 2025 Diwali, the festival of… Read More

1 week ago

How to manage repayment effectively personal loan of 3 lakhs

How to manage repayments effectively on a personal loan of three lakhs Taking a Rs. 3 lakh personal loan can… Read More

1 week ago

Procedure of Member’s Voluntary Winding Up under Co Act 1956

Procedure of Member’s Voluntary Winding Up under the Companies Act, 1956 A Members’ Voluntary Winding Up is a mode of… Read More

1 week ago

Financial Transactions That Can Trigger Income Tax Scrutiny

Top 10 Financial Transactions That Can Trigger Income Tax Scrutiny : The Income Tax Department keeps a close watch on… Read More

2 weeks ago

Overview of the Internal Audit Iceberg Concept

Overview of the Internal Audit Iceberg Concept Apache Iceberg introduces a powerful feature called Integrated Audits, which allows organizations to… Read More

2 weeks ago
Call Us Enquire Now