We have an update from the Finance Ministry that came out with the following information on the Income Tax Return forms for AY 2015-16 (FY 2014-15)
- There is a proposal to release a new Form ITR2A for tax payers who own more than one house property and do not have any capital gains. Earlier, these tax payers had to file ITR-2. Now taxpayers who own more than one house property but dont have any capital gains shall file ITR 2A.
- Those with exempt income (without any limit) can file ITR -1, assuming they fulfill other conditions to file ITR 1.
- Those with agricultural income (which is exempt) exceeding Rs 5,000 though may have to file ITR2A.
Remember when you file with ClearTax – you don’t have to worry about which form to choose – we do that for you automatically (based on your inputs).
- It is proposed that main pages of ITR 2 and 2A shall have only 3 pages while details be provided in schedules.
- The department may extend the last date of e-filing to 31st August 2015.
- The Ministry also said that details of foreign trips may not be required anymore providing your passport number shall be enough. Do note that these are proposals for the ITR Forms, the Forms have as such have not been published yet.
- 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. Also joint account information and dormant accounts( inoperational since the past 3 years) may not be required to be provided in the ITR.
Do comment and tell us what you think of these proposals.
We’ll keep you posted 🙂