CBDT Notifies new ITR Forms
THE last time they notified the new ITR forms, it virtually created a storm and the Finance Minister on tour abroad had to announce that the Forms are withdrawn and new simplified forms would be notified. That was amendment to Rule 12 of the Income Tax Rules by Notification No. 41/2015, Dated 15-04-2015. See .
DDT 2580 20 04 2015 commented,
It seems the babus are out to defame the Modi Government. Just look at the information they want in the new Income Tax Returns they notified last week.
In the new Forms, assessees are required to give details of all the bank accounts (including closed ones) held by them any time during the year with the closing balance as on 31.3.2015. If an assessee has travelled abroad, he has to give details of his travel including the expenses for the travel. In trying to catch the black money hoarders, the Government is trying to harass the white money holders. Your bank account is not a secret, nor is your foreign travel. Most probably the Income Tax authorities already have that information. In any case what are they going to do with the mountain of information?
Now the CBDT has again amended Rule 12 to prescribe new Forms - SAHAJ (ITR-1), ITR-2, ITR-2A and SUGAM (ITR-4S)
The changes in the new forms are:
1. Details of dormant bank accounts need not be furnished.
2. Name of joint holder need not be given.
3. Account Balance as on 31st March of the previous year, need not be given
4. Details of foreign travel need not be given; however passport number has to be given.
5. Aadhaar Number has to be given.
A new Form ITR-2A has been notified for individuals or HUFs whose total income for the assessment year 2015-16 includes:-
(a) Income from Salary / Pension; or
(b) Income from House Property; or
(c) Income from Other Sources (including Winning from Lottery and Income from Race Horses).
This form cannot be filed by an individual or a Hindu Undivided Family whose total income for the assessment year 2015-16 includes,-
1. Income from Capital Gains; or
2. Income from Business or Profession; or
3. Any claim of relief/deduction under section 90, 90A or 91; or
4. Any resident having any asset (including financial interest in any entity) located outside India or signing authority in any account located outside India; or
5. Any resident having income from any source outside India.
Income Tax Notification No. ., Dated: June 22, 2015