File your tax returns before August 31 | Fusion - WeRIndia

File your tax returns before August 31

Filing tax returns is simpler

The government on Sunday declared simplified and thinner tax return forms that do away with the necessity for unnecessary disclosures on spending during foreign visits and dormant bank accounts.

Furthermore, it has been announced that the deadline for filing the papers will be extended by a month to August thirty one.

In addition, rules associated with reporting of foreign assets by expatriates have additionally been simplified. Indian taxpayers with overseas assets would, however, be needed to create disclosures, as was the main reason of revision of the forms.

The department processed that rather than providing spending details on overseas visits, people or HUFs using ITR2 and ITR 2A forms would be needed to furnish their passport numbers. Similarly, on bank accounts, it stated only the IFS code alongside the account number of all current and savings accounts are needed to be filled up, however account balance needn’t be declared. “Details of dormant accounts that are not operational throughout the last three years are not needed to be supplied with,” it added.

The simplification was made due to the uproar from many people who found it inconvenient to disclose all the spending details during personal visits abroad as well as providing details of all domestic bank accounts.

Image Credit: Nick Youngson CC BY-SA 3.0 Alpha Stock Images

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