Finance minister Jaitley promises to reduce number of pages in the form
GN Staff | May 16, 2015
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.
Public-Private Partnerships (PPP) projects are always under scrutiny, given the options of alternative of traditional procurement for the government. The value-for-money debate is one of the essential parameters to judge any PPP. In the absence of any credible data on this regard, it is very difficult to e
Electoral bonds, introduced in January 2018 to bring in transparency in political funding, has emerged as the preferred route for making donations to parties, according to an analysis of the parties’ audit reports by the Association of Democratic Reforms (ADR). “Given the anonymi
With a humble beginning in 1875, the India Meteorological Department (IMD) – which is celebrating its 145thFoundation Day on January 15 – has marched forward with various milestones and paradigms to serve the society. When weather and climate are playing more and more role in our daily lives, h
Prithviraj Chavan, a senior Congress leader and former Maharashtra chief minister, is the key architect of the ruling Maha Vikas Aghadi (MVA) alliance that came to power after the three-day government of the BJP, supported by Ajit Pawar of NCP, fell apart just before the supreme court ordered an open b
Every winter Delhi experiences some of the worst air pollution levels in the world. Concentrations of particulate matter – PM10 and PM2.5 – regularly hover around values of 400 to 500, levels that are considered extremely hazardous by both Indian and international air quality standards. Doctors
Nobel laureate economist Abhijit Banerjee has sounded an alarm on the economic crisis and compared the present situation to the 1991 economic crisis, stressing that to revive the economy it is important to stimulate demand. Like elsewhere in the world, the level of trust in experts and the e