Income Tax Forms Simplified, Date for Filing Returns Extended

New Delhi: The Finance Ministry on Sunday came out with new three-page income tax return (ITR) forms, dropping the controversial provision for mandatory disclosure of foreign trips and dormant bank accounts, while it also extended the last date of filing to August 31, 2015.

The new forms – ITR 2 and ITR 2A – will have only three pages and other details will have to be filled in schedules, the ministry said in a statement.

A new form ITR 2A has been brought out by the Finance Ministry which can be filed by an individual or HUF (Hindu undivided family) who does not have capital gains, income from business/profession or foreign asset/foreign income.

The statement also said that the last date for submission of tax returns will be extended to August 31, 2015.

With regard to the controversial provision of disclosing details of foreign visits, the release said that the assesse will be required to disclose only the passport number.

“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,” it said.

Further, the ministry has done away with disclosure of details of dormant accounts which are not operational during the last three years.