8688 - Income Tax Refunds to be Sent to Taxpayers in 7-10 Days: Report - NDTV

Income Tax Refunds to be Sent to Taxpayers in 7-10 Days: Report

Press Trust of India | Last Updated: September 13, 2015 17:05 (IST)

New Delhi: In what could be a good news for lakhs of taxpayers, the Income Tax Department will now process and send refunds in a short time of 7-10 days as its latest technology upgrade of electronic and Aadhaar-based ITR verification has begun on a successful note.

The department's latest initiative to verify an Income Tax Return (ITR) by Aadhaar or other bank database has received positive response from ITR filers because of which the taxman, for Assessment Year 2015-16, was able to process and send refunds to bank accounts of eligible taxpayers in less than 15 days.

"The days are gone when getting an I-T refund used to take months or in some cases even a few years. The new electronic verification e-filing system has proved to be very customer-friendly and as a token of thanks to the taxpayers, the department is working to ensure their refunds are sent in a week or a maximum of ten days.

"This is surely the way forward in the administration of tax affairs in the country," a top officer of the department involved in these operations said.

According to latest statistics, the department received 2.06 crore returns on its e-filing portal as on September 7, 2015 (last date for ITR filing), which is an increase of 26.12 per cent over the last year when 1.63 crore returns were filed online.

The department's Central Processing Centre (CPC) as on September 7 processed 45.18 lakh returns and issued refunds to 22.14 lakh tax payers relating to assessment year 2015-16, it added.

During this period, the department electronically verified over 32.95 lakh e-returns.

The data added that peak filing rate touched 3,475 returns per minute this time as compared to 2,901 returns per minute last year.

As per some testimonials received by the department from taxpayers, also accessed by PTI, many have reported that they received their refunds in only 11 or 13 days from the day of filing their ITR.

"A robust mechanism has been created at the CPC in Bengaluru and a dedicated team of officials is in place. With these new technological advancements, the I-T Department wishes to completely eradicate human interface in these taxpayers services which directly leads to faster and hassle-free processing of ITRs and refunds apart from other services," the official said.

The new e-filing system, enabled only last month, allows online verification of a person's ITR by using either Aadhaar number, internet banking, ATM or email, thereby ending the practice of sending paper-based acknowledgement ITR-V to its office in Bengaluru.

The Central Board of Direct Taxes, the apex policy-making body of the tax department, has recently said that it's committed to improving taxpayer services through enhanced use and further improvement in technologies.

Story first published on: September 13, 2015 16:46 (IST)

Tags: Income Tax Refunds, Income Tax, IT refunds, Income Tax Department

8470 - E-filing of ITR: Over 7.5 lakh returns verified, 11 lakh Aadhaar linked - Economic Times

E-filing of ITR: Over 7.5 lakh returns verified, 11 lakh Aadhaar linked

By PTI | 9 Aug, 2015, 03.40PM IST

NEW DELHI: The Income Tax department's ambitious OTP-based ITR filing system for taxpayers has started on a high note with its portal electronically verifying over 7.5 lakh returns and linking over 11 lakh Aadhaar numbers with the PAN database. 

The new e-filing system, enabled last month, allows online verification of a person's Income Tax Returns (ITR) by using either Aadhaar number, internet banking, ATM or email, thereby ending the practice of sending paper acknowledgement to its office in Bengaluru. 

An official data shows that in less than a month after the facility was launched on the official portal of the department, it has electronically verified 7,53,677 ITRs while Aadhaar linkages with the Permanent Account Number (PAN) has been achieved in 11,46,581 cases. 

"With the e-filing of ITRs to go on till August 31, it is expected more numbers would be added and the e-verified returns could easily go beyond 15 lakh. These are just estimated figures being predicted and only sky is the limit in this domain," a senior I-T officer said. 

The online ITR filing portal of the department is available at https://incometaxindiaefiling.gov.in. 

According to the rules notified in this regard by the Central Board of Direct Taxes (CBDT) on July 13, any taxpayer, whose income is Rs 5 lakh or below per annum and has no refund claims, he or she can straightaway generate the 'Electronic Verification Code' (EVC) for e-filing and validating their ITR through their registered mobile number and e-mail id with the department. 

However, this most simplified option, will be subject to certain "restrictions" which will be prepared by the taxman based on the concerned taxpayer's "risk criteria and profile" in a case-to-case basis. 

These new measures would completely eliminate the need of sending the paper acknowledgement, called ITR-V, through post to the I-T Central Processing Centre (CPC) based in Bengaluru. 

In the other options given, those taxpayers who have internet banking activated can do the e-verification of their ITR. 

Once logged in on the banking portal, the taxpayer will be sent EVC to his mobile number provided in the official e-filing web portal of the department which they will put in their ITR for final submission. 

The Aadhaar database is also being used by the taxman to verify taxpayers' credentials. 

The department initiated these new technology measures in order to fully automate the e-filing system and also to end taxpayers' grievances with regard to their ITR-V not reaching by post, which led to their ITR getting rejected. 

Read more at:

http://economictimes.indiatimes.com/articleshow/48412245.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst

8302 - How You Can E-Verify Your Income Tax Return - NDTV

How You Can E-Verify Your Income Tax Return

Cleartax.in | Last Updated: July 18, 2015 15:10 (IST)

Not many taxpayers know that the process of filing tax returns is not complete until your return is verified. Till last year, most of the ITRs or income tax returns could be verified by signing and sending a physical document, an acknowledgement, called the ITR-V to CPC, Bangalore. Some returns could also be verified through digital signatures.

If you have ever missed this very crucial step of mailing your ITR-V to Bangalore and suffered, or wished there was no paperwork involved, there is a reason to rejoice. The Income Tax Department has released details of e-verification of your tax returns.

(Also read: How to self e-file your ITR)

Let's take a look at how this can be done. First, let's take a look at the various means by which you can complete verification of your income tax return:

1. Verification using EVC: An EVC or electronic verification code can be generated before you file your return or during the filing process, through the Income Tax Department's website. EVC is sent to your registered email id and mobile number. This is a new mechanism, introduced by the department this year, to verify your return. EVC is a 10-digit alphanumeric code. It is valid for 72 hours. It can be used to verify all the ITR forms except ITR-6. The EVC is unique for a PAN. Therefore, it will not be valid for any other PAN. One EVC validates one income tax return. So if you revise your return, you will need another EVC. And a separate EVC will be required for each assessment year. This code shall be valid for 72 hours. If you fail to use your EVC within 72 hours you can generate another EVC and you will again have a window to use it within 72 hours.

2. Verification using Aadhaar OTP: In order to use the Aadhaar OTP (one-time password) method, you have to link your account at incometaxindiaefiling.gov.in with your Aadhaar number. This can be done by logging on the e-filing website. Once you have linked your Aadhaar card, your return can be verified via an OTP sent to your registered mobile number. This is the first year in which verification via Aadhaar OTP has been introduced.

3. Verification through net banking account: Specified banks which have been registered with the I-T department for the purpose of e-filing may provide direct access to the e-filing website. The banks will be providing this service to their accountholders whose bank accounts have a validated PAN as part of KYC (know your client). The facility will be available using the existing internet banking website and the taxpayer can use this facility through their existing internet banking user ID, login password and transaction password. This method of e-verification has been introduced this year too.

Besides, there are two other existing methods of verifying your ITR:

4. Verification using DSC Digital Signature Certificate

5. Verification by sending your physical ITR-V to CPC, Bangalore

Let's go back to verification of the ITR using an EVC. Here are the various steps you need to take to e-verify your return on the government's website using this route:

• Log on to incometaxindiaefiling.gov.in by entering your user ID and password, and your date of birth.
• Click on 'e-File' and click on 'Generate EVC' within this menu
• You will receive an email - on your registered email account - from the I-T department with your EVC details which will also be sent to your registered mobile number.
• Click on 'e-File' on the main tab and then click on 'e-verify Return'. You will see four options:
• "I already have an EVC and I would like to Submit EVC"
• "I do not have an EVC and I would like to generate an EVC"
• "I would like to generate Aadhaar OTP to e-Verify my return"
• "I would like to e-Verify later/ I would like to send ITR-V"
• Select the first option. Provide the EVC in the text box. Click 'Submit'. Download the acknowledgement document. Your e-filing is complete. No further action is required from your end now.

In case you choose the option to send the ITR-V then download ITR-V and send it to CPC, Bangalore.

If you have picked the Aadhaar OTP route for verification of your ITR, here are the steps you need to take:

• Log on to incometaxindiaefiling.gov.in by entering your user ID and password, and your date of birth.
• After login, a pop-up appears asking you to link your Aadhaar number with you e-filing account.
• Make sure your PAN details are correct and then enter your Aadhaar number. Click 'Save'.
• Your Aadhaar number will be linked to your PAN after validation.
• After your Aadhaar number has been validated, enter the aadhaar OTP sent to your mobile number registered with Aadhaar. Submit to e-Verify return.
• Note that the Aadhaar OTP is valid only for 10 minutes.
• Download the acknowledgement document. You have successfully e-filed and e-verified your income tax return.

Here are the steps you need to take to e-verify your return through net banking:

• Log in to your net banking account.
• Select the I-T returns e-filing option from the options available to login to the I-T department's website.
• Upload return and click submit
• Select the option "I would like to e-verify my return now". Click 'Continue'.
• Download the acknowledgement document. You have successfully e-filed and e-verified your income tax return.

8205 - E-filing: Income Tax dept to send 24 hour valid password to taxpayers - dna

E-filing: Income Tax dept to send 24 hour valid password to taxpayers

Monday, 29 June 2015 - 6:01pm IST | Place: New Delhi | Agency: PTI

By automating the e-ITR filing with an OTP, the CBDT also wants to make this system fully "paperless".

In order to end the trouble of sending paper-based acknowledgement of e-filed Income Tax Returns (ITRs), the CBDT is planning to send a one-time password (OTP) on taxpayers' mobile phones which will be valid for 24-hours after getting verified from the Aadhaar database.

The department, a senior official said, has decided to usher these new protocols very soon as the new ITRs for the assessment year 2015-16 have recently been notified, heralding the onset of the tax filing season.

The deadline for filing ITRs is August 31.

A senior official involved in the processes told PTI that the new ITRs will capture the Aadhaar number of an individual and after doing a "back end" matching of the Aadhaar number with the mobile number and other vital personal data of the individual, an OTP will be generated and sent for validating and final submission of the return.

"The department will do the matching with the Aadhaar database where the biometrics and particulars of an individual are hosted. If the Aadhaar number and relevant details like PAN number and mobile number get kind of matched, then an OTP will be sent on the mobile which will be valid for 24 hours.

So, once you have uploaded your return (ITR), there will be an icon showing validate your return and with that OTP you can do that," the official explained.

The official said the department was currently thinking of having an OTP that will be "alive or valid" for 24 hours so that a filer has time at hand to process the return at his or her end.

"There could be an option to generate a second OTP too but that is being worked out. After putting the OTP, you then don't need to send the ITR-V (paper acknowledgement). The problem of ITR-V will get resolved," the official said. 

The Central Board of Direct Taxes (CBDT), the apex policy making body of the tax department, has been getting a number complaints from taxpayers that despite they sending the hard copy of ITR-V by "speed or registered post" their forms were being acknowledged by the CPC as "not received" and hence the Board, for long, has been looking at options to do away with this system.

By automating the e-ITR filing with an OTP, the CBDT also wants to make this system fully "paperless".

"The Aadhaar-based authentication will give the e-filing of ITRs a legal sanction and hence the ITR-V system can be totally disposed off. However, providing Aadhaar is not mandatory and those taxpayers who do not have or who do not mention their Aadhaar, they will have to send their ITR-V by post as usual," the official added.

The system of Aadhaar-based authentication is being extended by the tax department to "low-risk category" of taxpayers like those in the salaried category.

As per existing rules, a person who files his or her tax return online, has to send a copy of the ITR-V to CPC within 120 days for processing of the return.

8200 - All you need to know about tax returns - Live Mint

All you need to know about tax returns

The tax authority has introduced a new set of forms for filing returns; it is important to fill the correct one

Vivina Vishwanathan 

Pradeep Gaur/Mint

It is that time of the year when you get your Form 16 from your employer and gear up to file income tax returns (ITR) for the financial year gone by. This year the government has come out with a new ITR form. Also there is more to disclose while filing returns—you need to provide your passport number and details of all bank accounts, among others. “This time when you file returns, you will have to pay very close attention to the information you submit such as disclosing all bank account details and details of your foreign assets. Ordinarily resident taxpayers need to be careful as they are required to provide detailed information about their overseas income or assets in view of enlargement of the scope of reporting in schedule FA (foreign assets) to Form ITR-2,” said Kuldip Kumar, partner and leader-personal tax, PwC.

Despite all the changes in the ITR forms and details that you need to submit, you can still file ITR on your own. Mint Money takes you through the details of who needs to file returns, documents required, how to pick the right form and how to file it.

Who needs to file return?

Any individual who has a taxable income should file tax return. Currently, if you are below the age of 60 and have an annual income of up to Rs.2.5 lakh, you are exempt from tax. Any income above Rs.2.5 lakh is taxable. If you have taxable income, you have to file the return irrespective of whether you have paid taxes or not. “As per section 139 of the Income-tax Act, 1961, an individual would be required to file the India tax return in the following cases—if the total income (i.e., before claiming any specified deductions under chapter VIA of the Act) is more than the basic exemption limit prescribed for a particular financial year; individuals qualifying as ordinarily resident of India and hold any assets (including financial interest in any entity) located outside India or signing authority in any account located outside India or individual who has incurred loss under the head income from house property, business profession, capital gains or other sources, has to file a tax return in order to carry forward and set-off of such losses in the subsequent financial years,” said Parizad Sirwalla, partner (tax), KPMG. Remember that tax slab varies for senior and very senior citizens. “In case of an individual who is of the age of 60 years or more at any time during the financial year, the limit is set at Rs.3 lakh a year, while in case of an individual above the age of 80 years, the limit is set at Rs.5 lakh,” said Rakesh Nangia, managing partner, Nangia and Co.

Identify source of income

Every income that you earn has been defined under the income tax law for tax purposes. Depending on the source of income, the I-T department has structured ITR forms. In order to pick the right form to file returns, you need to identify income as defined by the I-T department.

“The source of income can be identified based on documents such as bank statements, Form 16/Form 16A, Form 26AS and overseas tax return,” said Sirwalla. For instance, as per I-T law, salary income is salary received from employer, pension, gratuity, perquisite and profit in lieu of salary. Any rental income on let out house property or deemed let out property (in case of more than one house property) is known as income from house property. Then there are income from capital gains, business income and income from other sources. “Income from profit or gains of business or profession are those income from trade and commerce or speculation income. Income from capital gains is income from sale or transfer of shares, mutual fund units and movable or immovable property. Income from other sources is any income earned in the form of director fees, dividend income, interest income (except banking business), lottery income and gains from horse race,” said Sirwalla.

Checklist of documents

Whether you file your income tax return on your own or take help from a chartered accountant, you need to collect all important documents for filing return. You don’t have to submit any of the documents while filing returns. However, you will have to keep it handy for filling the ITR forms. In case you attach any of the documents with your ITR form, the I-T department will detach the additional document and send it back to you. “The list is long, however, the basic documents you need to keep handy are Form 16, Aadhaar details, passport number, details of all bank accounts such as Indian Financial System Code (IFSC) and account number, investment proofs, income proofs, evidence of rent and details of income of minor if clubbed in your ITR,” said Homi B. Mistry, partner, Deloitte Haskins & Sells LLP. (See table)

This year, the number of disclosure of your personal details has increased compared with last year for filing returns. For instance, if you have an Aadhaar card number, you have to provide the details if you are filing ITR-1, ITR-2, ITR-2A or ITR-4S. However, the disclosure of Aadhaar details is optional. “Aadhaar number may be used for electronic verification code system and in such a case, signed ITR-V is not required to be sent to the Central Processing Centre at Bengaluru,” said Kumar. Another example is disclosure of passport number, if available. You have to disclose passport number if you are filling ITR-2 or ITR-2A. This year you also have to disclose details of all the bank accounts excluding accounts that have been non-operational for over three years held in India at any time during the previous year if you are filling ITR-1, ITR-2, ITR-2A or ITR-4S. “The details include—total number of accounts held, IFSC of the bank, name of the bank, account number, and indicate the bank account in which the taxpayer prefers to get the refund,” said Kumar. You don’t have to disclose your bank balance.

Picking the right form

Once you have identified your income and have pulled out all the necessary documents for filing returns, the next step is to identify the right ITR form. You should report the income and tax payment details for the previous financial year in appropriate tax return forms. This year the government has introduced a new form and has also reworked the existing one. Here is a look at the ITR forms that individuals have to fill.

ITR-1: ITR-1, also known as Sahaj, is to be filled by individuals whose total income for the assessment year 2015-16 includes income from salary or pension or income from one house property excluding cases where loss is brought forward from previous years, or income from other sources excluding winning from lottery and income from race horses. Unlike earlier, individuals having exempt income, from say dividend income or interest income from provident fund, of more than Rs.5,000 can use ITR-1.

However, individuals having agricultural income exceeding Rs.5,000 will still not be able to use ITR-1.

“ITR-1 cannot be used if agricultural income exceeds Rs.5,000; if there is income from business or profession; in case of income from sources outside India; relief is claimed under section 90 or section 91 of the Act read with double taxation avoidance agreement (DTAA) or having assets (including financial interest in any entity) outside India or signing authority in any account located outside India and in case of income from capital gains,” said Sirwalla.

ITR-2: This form has to be filled by individuals and Hindu Undivided Families (HUFs) having income from more than one house property and capital gains from stocks or mutual funds. “This return form can be used by individuals and HUFs whose total income includes income from salary or pension, income from house property, income from capital gains, income from other sources including winning from lottery and income from race horses, and individuals who qualify as ordinarily resident in India having overseas income or assets,” said Kumar. Individuals and HUFs that have business income should not use ITR-2.

ITR-2A: This form has been introduced this year. ITR-2A is to be filled by those who have salary income and income from more than one house property but do not have any capital gains accruing to them or any foreign asset. “If you have income from salary or pension, income from house property (even if more than one house property, brought forward loss from earlier financial years or carry forward loss to subsequent financial year), income from other sources (including lottery income, gains or loss from horse races) you can use this form,” said Sirwalla. You can’t use the form if you have income from business or profession, or income from sources outside India or relief is claimed under section 90 or section 91 of the Act read with DTAA or having assets (including financial interest in any entity) outside India or signing authority in any account located outside India or income from capital gains.

ITR-4S (Sugam): If you have income from business on presumptive basis and salary or pension, income from one house property except loss is brought forward from earlier financial years, income from other sources excluding lottery income, gains or loss from race horses, you can use ITR-4S (Sugam). This form can’t be used if you have income from speculative business, income from sources outside India, relief is claimed under section 90 or section 91 of the Act read with DTAA or have assets (including financial interest in any entity) outside India or signing authority in any account located outside India or income from capital gains.

Conclusion

Do remember that the deadline for filing return this year is 31 August. If you have income over Rs.5 lakh, it is mandatory to e-file. Read more about the process of filing tax return online and how to do it without mistakes further in our package.

8186 - Here’s how the new income tax returns forms will simplify your tax life - First Post

Here’s how the new income tax returns forms will simplify your tax life

by Sudhir Kaushik  Jun 25, 2015 11:29 IST

The government on Tuesday notified the new income tax returns forms. As per the new norms, an individual or HUF who does not have capital gains, income from business/profession or foreign asset/foreign income can file a shorter version of ITR2, i.e. ITR 2A.

In case you sold any asset during the year then old ITR form 2 needs to be filed. As the software for these forms is under preparation, they are likely to be available for e-filing shortly. ITR1 and ITR4S have been enabled. Therefore, the time limit for filing these returns is extended up to 31 August.

Actually, there would be less than 20 percent of the taxpayers who have capital gain or foreign assets in ITR 2 but one needs to file the bulky form. Hence, for approx 80 percent of these filers, ITR-2A would be more relevant and user friendly. ITR-2A has been introduced which will not ask for capital gains income or foreign assets information.

For the last few years, the income tax department is trying to catch the tax evaders by introducing newer requirement in tax returns and simultaneously projecting itself to be taxpayer-friendly. It goes well with the political agenda of the government too, i.e. controlling black money and imparting effective governance.

But such hypes have a problem – only 5 percent of what is talked about is achieved and the rest 95 percent remain as before. The end result? Neither will the tax to GDP ratio improve, nor will the taxpayers’ perception about the income tax department change.

Here’s how the new ITR forms will change your life:

Passport number to be disclosed whereas travel expense details are not required (ITR2/2A): It seems that the income tax department will get some data from visa authorities based on passport number which will be matched with the return data to catch the tax evaders. To be sure, this is not a fool proof system or very effective one to control the use of black money in domestic travel. Only time will tell whether this hyped change, which actually delayed return filing by one month, is worth it or not.

All bank account numbers to be disclosed: In the current scenario, bank account details of any one of the operating bank account is required to be filled in the ITR Forms. With the passing of the black money Bill, it has become expedient to include details of all bank accounts held during the year. The closing bank balance as of 31 March 2015 is not required in the income tax returns, though.

After a lot of representations from various forums regarding such disclosures, the government now has come up only with the mandatory disclosure of IFS code, account number of all the current/savings account held at any time during the previous year. The balance in accounts will not be required to be furnished. Details of dormant accounts which are not operational during the last three years are not required to be furnished.

Exempt income from fully exempt source can file Sahaj without any ceiling: In the current scenario, individuals/HUFs having any exempt income like long-term capital gains, agricultural income or interest income have to file their returns in ITR-2 or ITR-4 depending on the nature of income. With a view to providing for a simplified form for individuals/HUFs who have earned exempt income without any limit, it is proposed to use ITR-1 Sahaj (Only individuals can use ITR-1) or ITR-4S (Both individuals and HUFs can use ITR-4S), the simplest of all forms. Exempt income without any ceiling refers to those incomes which are fully exempt from tax. Example of income which is fully exempt from tax is long-term capital gains on sale of shares. Example of income which is not fully exempt from tax is agricultural income.

Relief for foreign citizens: Those taxpayers who are not Indian citizens and have come to India on a business, employment or student visa (expatriate), have been exempt from reporting foreign assets acquired by him/her during the previous years in which he was non-resident if no income is derived from such assets during the relevant previous year. This is a relief for these assesses.

Aadhaar card holders need not send ITR-V to Bangalore: The government has come up with an idea of dispensing with the formality of posting the duly signed ITR-V form to CPC, Bengaluru, after e-filing of the income tax returns if the Aadhaar number of the assessee is furnished in the returns. Aadhar number is optional as of now.

The author is Co-Founder & CFO, TaxSpanner.com andhas been a practicing tax consultant for the last 17 years. He is a Fellow Chartered Accountant.

8180 - Govt notifies revised, but simpler, income-tax return forms - Live Mint

Govt notifies revised, but simpler, income-tax return forms

New forms seek more details from taxpayers, including bank accounts, passport number, foreign assets, Aadhaar

 Remya Nair 

All taxpayers will have to disclose all their bank accounts, except dormant accounts, along with other details such as bank name, but do not have to disclose their bank balances. 

Photo: Mint

New Delhi: The government on Tuesday notified the revised income tax return (ITR) forms that seek more details from taxpayers, including bank accounts, passport number, foreign assets and the unique identity number, or Aadhaar, in a bid to check tax evasion. The forms are, however, simpler than an earlier version, as promised by finance minister Arun Jaitley.

All taxpayers will have to disclose all their bank accounts, except dormant accounts, along with other details such as bank name, but do not have to disclose their bank balances.

Taxpayers—with the exception of those who fill ITR 1—will also have to disclose their passport numbers.

But they will not have to disclose the number of foreign trips they go on or how much they spend on these trips. The main sections of all these forms are under three pages long.

The tax department notified ITR 1, ITR 2, ITR 2A and ITR 4S.

While ITR 1 can be filled by a taxpayer with salary income and income from one house property, ITR 2A—the new simplified version of ITR 2—can be filled by those who have salary income and income from more than one house property but do not have any capital gains accruing to them or any foreign asset.

ITR 2 can be filled by individuals and Hindu undivided families having income from more than one house property and capital gains.

While the new forms will make filing the returns less tedious, the information sought by these forms will be enough to help tax authorities track foreign travel and financial transactions.

The tax return forms, with the exception of ITR 1, also ask for the Aadhaar number of the taxpayer in case the taxpayer has one.

The previous income tax return forms notified in April were criticized by taxpayers for their tedious and intrusive nature, prompting Jaitley to promise to revise them and make them simpler. These forms had sought extensive details about foreign trips as well as information about all bank accounts and bank balances.

Tapati Ghose, partner, Deloitte Haskins and Sells LLP, said the tax return forms are trying to ensure that individuals take cognizance of the domestic and foreign income accruing to them and are not omitting anything. “As compared with last year, the income tax return forms seek many more details with regard to the foreign assets held, like the type of ownership and the income accruing from these assets. For domestic income also, the details sought regarding capital gains are much higher,” she said.

The government has been trying to curb black money both within and outside India and has introduced legislation to this effect. Archit Gupta, founder and chief executive officer, ClearTax, said the new ITR 2A form will make it much more simple to file tax returns.

“Taxpayers who don’t have capital gains but own more than one house property will be filing a much shorter new form 2A. Even those who have long-term capital gains accruing to them from the sale of shares on a stock exchange can fill form 2A,” Gupta said.