In last one year, Government has taken various initiatives on the front of personal finance. Naming few such initiatives like Universal Account Number (UAN), Sukanaya Samriddhi Scheme, Mudra Bank, Pradhan Mantri Jeevan Jyoti Bima, Pradhan Mantri Suraksha Bima, Atal Pension Yojna, Gold Monetisation Scheme, Tax rebate on contribution to National Pension Scheme and on… and now their is a focus on simplifying the tax filing structure.
In this initiative, the new simplified income tax forms ITR 2 and ITR2A will be introduced. These form may be used to file returns for Assessment year 2015-16. The forms are yet to introduced and will be released soon on Income tax website. Another two forms i.e. ITR1 and ITR 4s are already available on the Income tax website http://incometaxindiaefiling.gov.in. The Income Tax Department has already notified the set of new forms and extended the date of filing return till August 31, 2015.
See Notification here http://www.incometaxindia.gov.in/communications/notification/notification_49_2015.pdf
The simplified form, ITR-2A is meant for individuals and HUFs, with no income from business or profession and no income arising out of capital gains. Also such individual or HUFs do not hold foreign assets. Such filers will be asked for the passport number only “if available”. Similarly, the ITR-2 is for individuals and HUFs having income from business or profession.
As expected, the Online files will be given a One-Time Password (OTP) through SMS on their mobile phones for validation instead of sending the duly signed acknowledgement (ITR V) through ordinary post. Also IT Department may seek Aadhaar number in the form for the validation and thus processing the returns.
Forms to be for ITRs filing
Individuals and HUF
|Source of Income||ITR-1||ITR-2A||ITR-2||ITR-3||ITR-4||ITR-4S|
|1||Income from Salary/Pension||Y||Y||Y||Y||Y||Y|
|2||Income from Other Sources (only Interest Income or Family Pension)||Y||Y||Y||Y||Y||Y|
|3||Income/Loss from Other Sources||Y||Y||Y||Y||Y|
|4||Income/Loss from House Property||Y||Y||Y||Y||Y|
|5||Capital Gains/Loss on sale of investments/property||Y||Y||Y|
|6||Partner in a Partnership Firm||Y||Y|
|7||Income from Proprietary Business/Profession||Y|
|8||Income from presumptive Business||Y|
|S.No||Firms,AOP,BOI, Local Authority||Companies||Trusts|
|Source of Income||ITR-5||ITR-6||ITR-7|
|1||Income / Loss from Other Sources||Y||Y||Y|
|2||Income / Loss from House Property||Y||Y||Y|
|3||Capital Gains / Loss on sale of Investments / Property||Y||Y||Y|
|4||Income / Loss from Business||Y||Y||Y|
We will update more details as and when it happens..