Simplified income taxation earnings forms notified: Deadline for filing 31 Aug, Aadhaar series mandatory

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New Delhi: The Income Tax dialect has told a new set of ITR forms, including a three-page simplified one, for taxpayers to record their earnings for comment year 2015-16.

Simplified taxation regime. AFPSimplified taxation regime. AFP

Simplified taxation regime. AFP

With a financial method edition a bulletin sequence yesterday, taxpayers and other entities can now record their Income Tax Returns (ITR) compartment 31 August, a new deadline set in this courtesy by a supervision after it forsaken a progressing forms that had captivated critique for seeking countless additional sum like that of filers’ unfamiliar transport and about asleep bank accounts.

The many simplified form, ITR-2A, to be filled by those people and HUFs who do not have income from possibly business, contention or by approach of collateral gains and do not reason unfamiliar assets, usually asks for a pass series of a tax-filer, with a difference “if available”.

Filers now will have to announce usually about a “total series of resources and stream bank accounts” reason by them “at any time during a prior year (excluding asleep accounts).”

The form also has space to fill adult a IFSC formula of a bank and in an additional feature, taxation filers have been given an choice to prove their bank accounts in that they would wish their reinstate credited.

The I-T department, in a new ITRs, has also sought a Aadhaar series of filers and has also given options for providing dual email ids to it.

“The inclusion of Aadhaar and emails are to safeguard a regime of online ITR filing in a country,” a comparison central said.

The dialect has also supposing for an additional four-page news to this simplified form for those who wish to record anymore details, germane in a case-to-case basis.

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In a ITR-2, for people and HUFs carrying income from business or profession, a form stays elementary though they will have to announce if they reason any unfamiliar resources abroad or have income from “any source outward India.”

The new ITRs have transposed a 14-page form that were told progressing this year, triggering a vital debate with individuals, industrialists and MPs observant taxation filing would turn unwieldy as those forms had sought sum including unfamiliar trips and bank accounts details.

Finance Minister Arun Jaitley had systematic putting these forms on reason following a controversy.

The final date for filing of a ITR has already been extended for this year to 31 August.

Also, in a new ITRs, an expat who is not an Indian citizen and is in India on business, practice or tyro visa, would not mandatorily be compulsory to news a unfamiliar resources acquired by him during a prior years when he was non-resident and if no income was subsequent from such resources during a applicable prior year.

PTI

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