Filing Income Tax returns just got easier, thanks to the new ITR forms and some modifications put in place by the government. The most significant of the changes this year is the culling of pages in the form. The 14-page form has not been converted to one with just three pages.
Here are some other changes that you must know about before you go ahead and file your return:
# The deadline for filing of Income Tax Return has been extended till August 31.
# ITR-1 (Saral) form can now be filled by individuals even in case of exempt income. Earlier, those with exempt income above Rs 5000 did not fill this form. Those with agricultural income above Rs 5000 will still not use ITR-1.
# E-filing has been made mandatory for those claiming refund, even if income is below Rs 5 lakh.
# You need to file return for a second home you own even if it's unoccupied. The tax for the same will be based on the rent prevailing in the area.
# Now you do not need to furnish details on foreign trips.
# No need of disclosure of details of dormant accounts, not operational in last three years.
# You need to give details of any foreign income. The details include amount earned, nature of income and country where the income came from.
# Need to furnish details of property outside India in cases of both direct as well as beneficiary ownership.
# No need to send signed ITR-V forms within two months for verification. It can now be done electronically by generating a verification code. The 10-digit Electronic Verification Code (EVC) is an alpha-numeric code, unique for each PAN.
Please send your comments on the changes in ITR forms.
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