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.

Comments

 

Other News

Dharmendra Pradhan tenders resignation

Dharmendra Pradhan, education minister at the centre of the storm of the NEET paper leak, offered his resignation to the prime minister on Saturday.   He posted a two-page letter on X, saying he was pained by the events of the last ten days. "This is not a matter of personal

Cabinet approves scheme of chemical parks

The union cabinet chaired by the PM has approved Bharat Audyogik Vikas Yojana Rasayan or BHAVYA - Rasayan Scheme for establishing three dedicated Chemical Parks in the country. The Scheme was announced in the Union Budget of FY 2026–27.   The Scheme will have a total financ

Anurag Jain, IAS appointed as Chief Executive Officer, NITI Aayog

 Anurag Jain, a 1989-batch IAS officer of the Madhya Pradesh cadre, has been appointed as the Chief Executive Officer (CEO) of NITI Aayog for a two-year term after serving as the Chief Secretary of Madhya Pradesh. A distinguished administrator with extensive experience in infrastructure, industrial de

Shri Ashok Barnwal, IAS has been appointed as the Chief Secretary of Madhya Pradesh

 Ashok Barnwal, a 1991-batch IAS officer of the Madhya Pradesh cadre, has been appointed as the Chief Secretary of Madhya Pradesh, succeeding Anurag Jain following his appointment as CEO of NITI Aayog. Prior to assuming the state`s top bureaucratic position, Barnwal served as Additional Chief Secretar

PM announces fast-track courts for paper leak cases

Prime minister Narendra Modi on Thursday stated that the government has decided to set up fast-track courts to ensure swift and stringent punishment for those involved in paper leaks. Emphasising that nothing is more important than the welfare and future of the youth, he noted that h

Making India’s textile & apparel sector sustainable

India’s textile and apparel sector sits at the heart of the economy but is constrained by traditional manufacturing approach. It contributes close to 2% of GDP and around 11% of manufacturing gross value added, with GDP share expected to reach 5% by the end of the decade. The sector employs around 45

Upcoming Conferences





Archives

Current Issue

Opinion

Facebook Twitter Google Plus Linkedin Subscribe Newsletter

Twitter