New Tax Forms Ease Detailing Of Foreign Travel, Bank Accounts
- On bank account details, only the IFS code and the number of current and savings accounts held during previous year will be required. The balance is not required. Details of dormant accounts, not operational for last three years, not required.
- A foreigner in India on a business, employment or studies visa, not mandatorily required to report foreign assets acquired during the previous years in which he/she was non-resident -- if no income is derived from such assets during the relevant previous year.
- To simplify further, the main pages of Form ITR 2 and new Form ITR 2A, will not contain more than three pages. Other information will be captured in Schedules, required to be filled only if applicable.
"As the software for these forms is under preparation, they are likely to be available for e-filing by the third week of June 2015," a statement issued by the finance ministry said.
"Accordingly, the time limit for filing these returns is also proposed to be extended up to August 31, 2015 (31.08.2015). A separate notification will be issued in this regard," the statement added.
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