Govt issues simplified Income Tax forms

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New Delhi: Delivering on the promise to simplify IT return forms, the Finance Ministry on Sunday came out with a simplified three page income tax return (ITR) form, 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, ITR2 and ITR 2A will have only three pages and other details will have to be filled in schedules. 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.