6 things to know about the new, simplified ITR forms
When the Government initially proposed a comprehensive, 14-page ITR form that demanded a whole lot of unnecessary information, it stirred up quite a controversy. The original proposal required not only the details of your foreign journeys, but also information about your dormant bank accounts. Soon after, the Finance Ministry had announced that it was going to simplify the process, doing away with many redundancies.
True to its word, the Government has recently unveiled the new, 3-page Income Tax Return forms. Here’s what you need to know about them:
- The New ITR-2A Form
This form is for Hindu Undivided Families (HUFs) and individuals who don’t have any income from professions, businesses, or by way of capital gains, and who also don’t hold any foreign assets. Instead of the details of foreign trips—which was required by the original 14-page form—the new ITR-2A form asks for the passport number of the tax filer, with the words, “if available”.
- Transitioning to the Internet
In the new set of ITR forms, filers will need to submit their Aadhaar card numbers and any 2 of their email addresses. This has been done to encourage the online filing of IT returns in the country.
- Choose Your Own Account for the Refund
Apart from providing a space to fill in the your bank’s IFSC code, the new income tax form also gives you the option of choosing the account you want your refund credited to.
- Extended Deadline
The Government has also extended the deadline for income tax return filing to August 31st. The new income tax return filing date ensures that you have more than sufficient time to get your finances in order.
- No More Information about Dormant Accounts
The new income tax returns form 2015 requires all filers to declare the “total number of savings and current bank accounts” that they had “at any time during the previous year (excluding dormant accounts).” (Also Read: What is the right amount to invest in SIP?
- Foreign Assets to be Declared
As for individuals and HUFs who have income from professions or businesses, the new IT forms require them to submit details of any foreign assets they might hold. These tax filers also need to report any sources of income that they have outside the country.You can quickly download the simplified ITR form from the online website of the IT department. Filing it is just as easy once you fill it in.
If you’re looking to get some fat tax deductions this year, then you should check out the wide range of financial services offered by Bajaj Finserv, ranging from money-saving insurance schemes to low-interest home loans.