India's Finance and Defence Minister Arun Jaitley (C) arrives to attend a meeting with the finance ministers of Indian states on the Goods and Services Tax (GST) issues in New Delhi July 3, 2014. India's new government will seek to raise up to a record $11.7 billion in asset sales in its maiden budget this week, a senior government source said, bolstering state finances and buying time for structural reforms to revive a weak economy. The privatization target could reach 700 billion rupees, almost equal to all proceeds over the last four years, in a budget Prime Minister Narendra Modi hopes will launch the growth and jobs agenda that in May won him India's biggest election mandate in three decades. The budget is due on July 10. Picture taken July 3, 2014. REUTERS/Adnan Abidi (INDIA) - RTR3XAKA

New 3-page Income Tax return forms



News

  • The Finance Ministry today came out with new three-page income tax return (ITR) forms, dropping the controversial provision for mandatory disclosure of foreign trips and dormant bank accounts, while it also extended the last date of filing to August 31.
  • The new forms – ITR 2 and ITR 2A – will have only three pages and other details will have to be filled in schedules, said a Finance Ministry statement.
  • A new form ITR 2A has been brought out by the ministry which can be filed by an individual or HUF who does not have capital gains, income from business/ profession or foreign asset/foreign income.
  • The statement also said that the last date for submission of tax returns will be extended to August 31, 2015.
  • With regard to the controversial provision of disclosing details of foreign visits, the release said that the assessee will be required to disclose only the Passport Number.

Source ET


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