The delayed issuance of new Income Tax Return (ITR) forms for 2014-15 has caused considerable confusion and delay that the last date for businesses and other firms is now August 31, 2015 and it is unlikely that the date will be extended further.
The dealy was caused over the deletion of controversial provision making it mandatory to reveal foreign trips and dormant bank accounts, which may be included in the next year ITR forms. Since the individual ITR form came out on May 31, 2015, and the one for businesses was released a month later, the last date for businesses of HUFs to file ITR is August 31.
The new ITR Form 2 and ITR Form 2A have 3 pages, while more info should be filled in schedules. For an individual it is ITR 2A form and even a HUF without capital gains, income from business/ profession or foreign asset/foreign income can use the same form.
Instead of revealing the foreign trips, the form now requires you to mention your Passport Number, so that it is automatically checked with the Immigration Department and those with frequent trips will come under radar, said the ministry.
“In lieu of foreign travel details, it is now proposed that only passport number, if available, would be required to be given in Forms ITR-2 and ITR-2A. Details of foreign trips or expenditure thereon are not required to be furnished,” said a ministry statement.
All those bank accounts which are dormant for over 3 years will not be required to be mentioned by the IT payee. Just mentioning the account number with IFS code will be sufficient as the details can be checked by authorities whenever it is required.
“As regards bank account details in all these forms, only the IFS 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. The balance in accounts will not be required to be furnished,” the statement added.