Income Tax Return (ITR) for 2014-15 to be revised(Assessment year 2015-16) following apprehensions of tax payers over details sought relating to foreign travel
Finance Minister Mr.Arun Jaitley has informed in the
Parliament that Income Tax Return (ITR) for the year 2014-15
(Assessment year 2015-16), which was notified in April 2015 would be
revised.
Mr.Arun Jaitley said that the Govt’s decision to
revise ITR is on account of concerns and apprehensions of Tax Payers
over details of Foreign Travel sought in ITR-2 Income Tax Return. As per
Finance Minister, details of Foreign Travel was sought as per the
recommendation of Special Investigation Team on Black Money constituted
as per directions of the Supreme Court. Such information can help in
developing risk profiles for detection of evasion of tax, he said in the
written reply to the Rajya Sabha, adding that these details are not
required in ITR-1 or ITR-4S which is filed by majority of individual
taxpayers.
However, considering the concerns of tax payers government has now decided to revise Income Tax Returns.
ITR-1 which is also popularly known as SAHAJ
referred to by the Finance Minister relates to Income from Salary,
Pension, one house property and income from other sources.
Whereas ITR-2 is to be filed by persons with Income
from Salary, Pension, House Property, Capital Gains and Income from
Other sources.
FM further said in parliament that Income Tax return
filing has been made simple over the years and especially filing online
income tax filing is hassle free now.
As a result 3.41 crore income tax returns have been filed in the year 2014-15.
Source: Economic Times
