Simplified income tax return forms soon

Finance minister Jaitley promises to reduce number of pages in the form

GN Staff | May 16, 2015


#income tax   #itr   #finance minister   #arun jaitley   #salaried  

Income tax return or ITR forms will be "far more simplified" assured Finance Minister Arun Jaitley on Saturday.
However, there was clarity on the disclosure of bank accounts and foreign travels.

The ITR form, which was notified last month by the CBDT for the current assessment year, had specific columns for banks accounts and the IFSC codes, names of joint account holders and foreign visits, including the ones paid by the companies.

Following the controversy over the new ITR forms, which sought details of bank accounts and foreign visits, the Revenue Department announced putting them on hold.

The simplified income tax return form is being brought after the earlier version was opposed by industry, members of Parliament and assessees for its cumbersome disclosure norms.

"I am in favour of the easing. This was twelve or twelve and a half page form, which has existed. Three or four more questions were added...So it became thirteen and a half pages."

"I was in Washington when I came to know of this. I immediately called up and said stop it because to me whether it was twelve and a half or thirteen and a half, both seem a little excessive," the minister added.

Salaried individuals and persons who do not have business/professional income are required to file income tax returns in either ITR-1 or ITR-2 by July 31.

Meanwhile, on Friday Jaitley chaired the Financial Stability and Development Council (FSDC) and discussed a number of issues. It met for the first time since last June. The issues included the non-legislative recommendations of the Financial Sector Legislative Reforms Commission (FSLRC) and the economic situation, abroad and at home.

Jaitley told the gathered financial regulators that action on a single demat account and uniform Know Your Customer (KYC) norms should be expedited.

A common repository facility or single demat account, as envisaged by the FSLRC, would provide a common account aggregation facility for people, to get details of their financial assets such as bank accounts, stocks, insurance policies, mutual funds and other financial instruments, at one place.

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