Wednesday, June 24, 2015

The new income tax return forms

If you have capital gains or foreign assets or are seeking treaty benefits, you will have to file detailed income-tax returns, though you don't have to give details of foreign travel. The new income tax return forms, notified on Monday for assessment year 2015-16, are, however, much simpler in many respects. These do away with the requirement of mentioning one's dormant bank accounts. However, one's passport number has to be provided. For active accounts, one need not state the balance; IFSC codes will suffice.

Earlier, the had taken flak for coming out with complicated income tax return forms.

While notifying the forms, the I-T department bifurcated the ITR-2. Earlier, those with capital gains, foreign assets and income, seeking treaty benefits, and with more than one property had to file this form. However, now, those with more than one property have to file ITR-2A, while the others will have to file ITR 2. Those with capital gains have to mention the rate being applied for to arrive at the tax liability, as well as past capital gains, if tax wasn't imposed on those.

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