Bank A/C’s, Aadhaar No. And Passport No. Needed for Income Tax Return:

In the new ITR norms, taxpayers are required to submit the details of their bank account such as bank’s name, IFSC code and account no, this also includes the saving/current account too. But the dormant accounts which are not operational from the past three years are not required to be reported in income tax returns. The government will now easily be able to keep a close watch on all the financial transactions of the taxpayers.

New ITR-2A Launched:

Now a new ITR Form has been launched by the income tax department known as the ITR-2A. This ITR-2A form is only for individual taxpayers and Hindu Undivided Family (HUF) who are not required to file the ITR 1, but were used for filing the old complicated and bulky ITR 2 in which the information regarding the capital gains and foreign assets were not applicable on the taxpayers was required to be reported. Thus, in this view they removed ITR 2. Individual taxpayers/HUF can now use ITR 2A if they are earning income from any source except from capital gain/business income.