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Last Date Of Income Tax Return In India - FY 2015-16 (AY 2016-17)


Posted on October 01 2020

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Every year, the Ministry of Finance body CBDT announces the ITR forms for the suitable Assessment Year, presently AY 2016-17. For the same, on April 15, 2016, the CBDT has announced some lengthy and complicated ITR Forms which requires lots of information including foreign travel details, all bank account details etc. Facing immediate appreciation and denunciation from all the corners, the honourable finance minister, who was attending some meetings abroad has spoken to take these Forms back and to come back with the new interpreted Forms.
 
The Ministry of Finance has announced that as the new ITR Forms are still under preparation, therefore, the Due Date of the ITR Filing is planned to be extended upto 31 July. Further, for the interpretation of ITR Forms, the MoF has also given certain interpretations about the new ITR Forms, which are as under:
 
ITR 1 and ITR 4S
 
For the Individuals having excluded the income without any ceiling, other than agricultural income which is exceeding Rs. 5,000 can now file Form ITR 1 (Sahaj). Similarly interpretation is also proposed for the individuals/HUF in respect of the Form ITR 4S (Sugam).
 
New ITR 2A Form Planned
 
At present, the individuals/HUFs having income from more than one house property and earned capital gains are required to file the Form ITR-2. It is, therefore, noticed that the majority of the individuals/HUFs who file the Form ITR-2 do not have any capital gains. With a view to provide for an interpreted form for these individuals/HUFs, a new Form ITR 2A is planned which can be filed by an individual or HUF who does not have any capital gains, the income from business/profession or foreign asset/foreign income.
 
No Foreign Travel & Expense Detail Required
 
In substitute of foreign travel details, it is now planned that if available, then only the Passport Number would be required to be given in the Forms ITR-2 and ITR-2A. The other details like foreign trips or expenditure are not required to be furnished.
 
All Bank Accounts Details – Information Requirement Limited
 
As per the bank account details in all these forms, only the IFSC code, account number of all the current/savings account which is held by the individual during the previous year at any time will be required to be filled up. The balance in the accounts will not be required to be furnished and the details of the closed accounts which are not in operation during the last three years are not required to be furnished.
 
 
 
 
 
 
Migrated NRIs, Expatriates - Foreign Assets Details Not Required
 
An individual who is not an Indian citizen and is in India on a business, employment or student visa (expatriate), would not be important to report the foreign assets purchased by him during the previous years in which he was a non-resident, if no income is earned from such assets during the relevant previous year.
 
ITR Form Information & Size Shortened
 
As a measure of interpretation, it has been determined to provide that in the Form ITR 2 and the new Form ITR 2A, the main form will not contain more than 3 pages and the other information will be apprehended in the Schedules which will be required to be filled only if relevant.
 
Due Date Extended – From March 31 to July 31 of 2016
 
As per the software, the forms are under preparation, they are likely to be available for e-filing by the 3rd week of June 2016. Accordingly, the time limit for filing these returns is also planned to be extended up to 31st July, 2016.
 
Tax Assist is a professional income tax consultancy in India for both corporate houses and individual tax payers; the latter comprising Salaried Individuals, Seafarers, Professionals and Non Resident Indians.
 
With the help of Tax Assist and its team of income tax professionals, taxpayers can minimize their Income Tax liability, maximize their net income and create opportunities to save for current and future needs while maintaining proper accounting standards and income tax returns which are compliant with the Law.

 


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