Income Tax Return In India – FY 2014-15 (AY 2015-16)-New Simplified ITR Forms Released By CBDT

After getting severe criticism for seeking numerous additional details, the Income Tax department has now finally notified the new set of ITR forms.

The new form does not require details of foreign travels and about dormant bank accounts, however, requisite details of all active accounts need to be submitted. The taxpayers and other non-audit entities can now file their returns till August 31.

The most simplified form, ITR-2A, to be filled by those individuals and HUFs who do not have income from either business, profession or by way of capital gains and do not hold foreign assets, only asks for the passport number of the tax-filer, with the words “if available”.

The taxpayers now will have to only declare the total number of active bank accounts held by them, both current and savings, excluding dormant accounts. The form also has space to fill up the IFSC code of the bank and in an additional feature, tax filers have been given an option to indicate their bank accounts in which they would want their refund credited.

The I-T department, in the new ITRs, has also sought the Aadhaar number of filers and has also given options for providing two e-mail ids to it.

This article is useful and relevant for all ITR filers in India i.e NRIs, Expatriates and All Other ITR Filers. It also clarifies various general doubts & frequently asked questions of ITR Filers, such as:

  • What are the new ITR Forms requiring for information submission in relation to ITR for FY 2014-15 (i.e. AY 2015-16)?
  • Information Required in ITR Form?
  • What kind of ITR forms are there for FY 2014-15 (i.e. AY 2015-16)?
  • Need to know about ITR Forms for filing of an ITR in India by NRI/Expats/Others?
  • Income Tax Return, Due Date, ITR Contents, Information Required in ITR Forms, Complication of ITR, Why ITR etc?