Finance ministry introduces shorter tax return

Ministry has tried to ensure that main form will not contain more than three pages

New Delhi: Taxpayers, who have inco-me from more than one source, will have to file a less cumbersome return as the government has introduced new form ITR-2A. At present, individuals having income from more than one house or property and having capital gains (profits from stocks and bonds among others) are required to file form ITR-2. “It is, however, noticed that the majority of individuals who file form ITR-2 do not have capital gains. With a view to providing a simplified form for these individuals, a new form, ITR-2A, has been proposed, which can be filed by an individual who does not have capital gains, income from business or foreign assets or foreign income,” said the finance ministry in a statement.

As a measure of simplification, the ministry has tried to ensure that in form ITR-2 and the new form ITR-2A, the main form will not contain more than three pages, and other information will be captured in the schedules which will be required to be filled only if applicable. These ITRs will replace the 14-page form that were notified earlier this year.

An individual, who is not an Indian citizen and is in India on a business, emplo-yment or student visa (expatriate), will not 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 previous year. In the ITR form notified in April and subsequently withdrawn, the taxpayer was required to fill details of all banks accounts he or she held in the country.

( Source : dc correspondent )
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