Government extends last date of filing I-T returns up to August 31

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Income-Tax122The finance ministry on 31 May came out with new three-page income tax return (ITR) forms, dropping the provision for mandatory disclosure of foreign trips and dormant bank accounts and extended the last date of filing to August 31.

The new forms, ITR2 and ITR2A will only have three pages  and other details  will have to be filled in schedules, as per a finance ministry statement.

A new form ITR 2A has been brought out by the ministry, which can be filed by an individual or HUF, who doesn’t have capital gains, income from business/ profession or foreign asset/foreign income.

The statement also said the last date for submission of tax returns will be extended up to August 31, 2015.

With regard to the provision of disclosing details of foreign visits, the release said the assessee will be required to disclose only the passport number.

“In lieu of foreign travel details, it is proposed only the passport number, if available, is required to be given in Forms ITR-2 and ITR-2A. Details of foreign trips or expenditure thereon need not be furnished,” it said.

“As regards bank account details in all these forms, only the IFS code, account number of all the current/savings account held at any time during the previous year need required to be filled-up. The balance in accounts will not be required to be furnished,” the statement added.

The simplified I-T return forms are being brought after the earlier version was opposed by industry, MPs and assessees for its cumbersome disclosure norms.

The salaried individuals and those persons who do not have business/professional income are required to file I-T returns in either ITR-1 or ITR-2 by July 31 every year.

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