Income Tax Return (ITR) for 2014-15 to be revised

Income Tax Return (ITR) for 2014-15 to be revised(Assessment year 2015-16)  following apprehensions of tax payers over details sought relating to foreign travel

Finance Minister Mr.Arun Jaitley has informed in the Parliament that Income Tax Return (ITR) for the year 2014-15 (Assessment year 2015-16), which was notified in April 2015 would be revised.

Mr.Arun Jaitley said that the Govt’s decision to revise ITR is on account of concerns and apprehensions of Tax Payers over details of Foreign Travel sought in ITR-2 Income Tax Return. As per Finance Minister, details of Foreign Travel was sought as per the recommendation of Special Investigation Team on Black Money constituted as per directions of the Supreme Court.  Such information can help in developing risk profiles for detection of evasion of tax, he said in the written reply to the Rajya Sabha, adding that these details are not required in ITR-1 or ITR-4S which is filed by majority of individual taxpayers.

However, considering the concerns of tax payers government has now decided to revise Income Tax Returns.

ITR-1 which is also popularly known as SAHAJ referred to by the Finance Minister relates to Income from Salary, Pension, one house property and income from other sources.

Whereas ITR-2 is to be filed by persons with Income from Salary, Pension, House Property, Capital Gains and Income from Other sources.

FM further said in parliament that Income Tax return filing has been made simple over the years and especially filing online income tax filing is hassle free now.

As a result 3.41 crore income tax returns have been filed in the year 2014-15.

Source: Economic Times