The Finance Ministry has simplified the Income Tax Return, ITR forms for the convenience of the tax payers and come out with a new three-page forms. In the new forms, the government has dropped the controversial provision for mandatory disclosure of foreign trips and dormant bank accounts.
The Finance Ministry in a statement said, the forms – ITR 2 and ITR 2A – will have only three pages and other details will have to be filled in schedules. At present individuals having income from capital gains are required to file Form ITR-2 but it was noticed that majority of individuals who file it do not have capital gains.
Taking not of it, the Ministry has proposed a new Form ITR 2A which can be filed in by an individual or Hindu undivided family who does not have capital gains, income from business, profession or foreign asset and foreign income. The release said, in lieu of foreign travels, it is now proposed that only Passport Number , if available would be required to be given in form ITR-2 and ITR-2A.
Further, the Ministry has also done away with disclosure of details of dormant accounts which are not operational during the last three years. It has also extended the time period of filing of these return forms to 31st of August.
Such forms are likely to be available for e- filing by 3rd of week of June. According to the Ministry, individuals having exempt income without any ceiling can now file Form ITR 1 and similar simplification is also proposed for ITR 4S.