Tax Payment Made Easier, ITR Introduces News Forms
BENGALURU: The Income Tax department has notified a new set of Income Tax Return forms (ITR), for taxpayers to file their returns for 2015-16 assessment years, according to Ndtv. The payment of Income Tax is becoming much easier, now that the government has introduced these new strategies which intern paves the way for easy payment of Taxes.
The government has issued new forms earlier this week and has declared August 31st as the last day to file Income Tax forms. As per the new norms, an individual who does not have any capital gains or income from his business or profession can file the ITR form 2 or form 2A which also refer to Hindu Undivided Families (HUF). Government has introduced these forms including form 4 and 4S which also depend on the nature of your income.
Here’s how the new ITR forms will change your life:
1. Passport number to be disclosed whereas travel expense details are not required (ITR2/2A)
The income tax department now will be able to extract data from the visa authorities, based on your passport number which will be matched with the data to catch the tax evaders. This system is laid effectively to control the use of black money in domestic travels. After a few months of the initiation of this system, the government will come to know whether this system is full proof or fool proof. For now, this plan is initiated on trial and error basis.
2. Exempt income from fully exempt source can file Sahaj without any ceiling
An individual or Hindu Undivided Families (HUF) having any exempt income like long-term capital gains or interest income have to file their returns in form ITR-2 or ITR-4 depending on the nature of income. Government has introduced these forms with a view of simplified payments for individuals who have earned exempt income without any limit. An individual can use the form ITR-1 Sahaj or ITR-4S for their payments of Income Tax.