Tuesday, June 16, 2015

Income Tax Return- Relaxations


New ITR forms need Indian taxpayers to
  • Not give details of foreign trips
  • Disclose all operational bank accounts
  • Not disclose balance in the accounts
  • Not reveal details of dormant accounts that have not been operational during the last three years
Relief for expats
  • They may not need to report overseas assets 
    which they acquired being Non-Residents and 
    not having any income
ITR Forms
  • The forms ITR 2 and ITR 2A will not contain more than three pages
  • Time limit for filling these may be extended up to 31st August
  • Details of foreign trips of expenditure will not be required to be furnished
  • Only passport number, if available, would be required to be given in the forms ITR-2 and ITR-2A

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