ITR-1 & ITR-2 for AY 2015-16 Revised. Due Date Extended to 31st August

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The revised Income Tax Return (ITR) forms for the assessment year 2015-16 have been notified  and last date of filing tax return has also been extended  to August 31 as against normal practice of July 31. So,are the changes to simplify the complex return notified earlier ?

Here is a list of some changes

  1. 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.
  2. Under the new forms, only Passport Number, if available, would be required to be given in Forms ITR-2 and ITR-2A and not the lengthy foreign details earlier required.
  3. Details of foreign trips or expenditure thereon are not required to be furnished.
  4. Similarly, as regard to bank account details in all these forms, only the IFSC 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.
  5. 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.
  6. 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.
  7. 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.

The Form itr-2A has not been published yet.