Simplified Income Tax Returns – ITR-1, ITR-2, ITR-2A

Simplified Income Tax Returns – ITR-1, ITR-2, ITR-2A and 4S for the Financial Year 2014-15 (Assessment Year 2015-16)

UPDATE 23.06.2015: Income Tax Department has released simplified ITR-1, ITR-2, ITR-2A for 2014-15 – Click here for details

ITR-1, ITR-2 and other Income Tax Returns for the Income Tax Assessment year 2015-16 (Financial Year 2014-15) were originally notified in the month of April 2015. However, tax payers from various quarters represented that the Income Tax Return for the financial year 2014-15 is too complex and especially in respect of ITR-2 income Tax return, details of foreign trips called for could not be filled up easily.

After considering these representations, Finance Minister Mr.Jaitley earlierannounced in the parliament that Income Tax Returns for the assessement Year 2015-16 and especially ITR-2 return would be simplified.

Now, Income Tax Department has issued a press release on 31.05.2015 in which is announced that A New Form ITR 2A Proposed which can be Filed by an Individual or HUF who does not have Capital Gains, Income from Business/Profession or Foreign Asset/Foreign Income; In Form ITR 2 and the New Form ITR 2A, the Main Form will not Contain more than 3 Pages, and other Information will be Captured in the Schedules which will be Required to be filled only if applicable;

As the Software for these Forms is under Preparation, they are likely to be available for e-filing by 3rd week of june 2015.

Time Limit for Filing these Returns is also Proposed to be Extended up to 31.08.2015.

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.

Forms ITR 1, 2 and 4S for Assessment Year 2015-16 were notified on 15th April 2015 (15.04.2015). In view of various representations, it was announced that these ITR forms will be reviewed. Having considered the responses received from various stakeholders, these forms are proposed to be simplified in the following manner for the convenience of the taxpayers:-

1) Individuals having exempt income without any ceiling (other than agricultural income exceeding Rs. 5,000) can now file Form ITR 1 (Sahaj). Similar simplification is also proposed for individuals/HUF in respect of Form ITR 4S (Sugam).

2) At present individuals/HUFs having income from more than one house property and capital gains are required to file Form ITR-2. It is, however, noticed that majority of individuals/HUFs who file Form ITR-2 do not have capital gains. With a view to provide for a simplified form for these individuals/HUFs, a new Form ITR 2A is proposed which can be filed by an individual or HUF who does not have capital gains, income from business/profession or foreign asset/foreign income.

3) 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.

4) As regards bank account details in all these forms, only the IFS code, account number of all the current/savings account which are held at any time during the previous year will be required to be filled-up. The balance in accounts will not be required to be furnished. Details of dormant accounts which are not operational during the last three years are not required to be furnished.

5) An individual who is not an Indian citizen and is in India on a business, employment or student visa (expatriate), would not mandatorily be required to report the foreign assets acquired by him during the previous years in which he was non-resident if no income is derived from such assets during the relevant previous year.

6) As a measure of simplification, it has been endeavoured to ensure that in Form ITR 2 and the new Form ITR 2A, the main form will not contain more than 3 pages, and other information will be captured in the Schedules which will be required to be filled only if applicable.

It is expected that format of Revised ITR-1, ITR-2, ITR-2A, ITR-4S would be available in the official website of Income Tax Department Soon.

We will provide the download links of these Income Tax Returns in pdf form once the same are available in the Income Tax Department website.

Download ITR-1 Sahaj for the Financial Year 2014-15 (Assessment Year 2015-16)

Download ITR-2 Sahaj for the Financial Year 2014-15 (Assessment Year 2015-16)

Download ITR-2A Sahaj for the Financial Year 2014-15 (Assessment Year 2015-16)

Source: PIB

UPDATE 23.06.2015: Income Tax Department has released simplified ITR-1, ITR-2, ITR-2A for 2014-15 – Click here for details