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

Elections 2024: 1,351 candidates in fray for Phase 3

As many as 1,351 candidates from 12 states /UTs are contesting elections in Phase 3 of Lok Sabha Elections 2024. The number includes eight contesting candidates for the adjourned poll in 29-Betul (ST) PC of Madhya Pradesh. Additionally, one candidate from Surat PC in Gujarat has been elected unopp

2023-24 net direct tax collections exceed budget estimates by 7.40%

The provisional figures of direct tax collections for the financial year 2023-24 show that net collections are at Rs. 19.58 lakh crore, 17.70% more than Rs. 16.64 lakh crore in 2022-23. The Budget Estimates (BE) for Direct Tax revenue in the Union Budget for FY 2023-24 were fixed at Rs. 18.

‘World’s biggest festival of democracy’ begins

The much-awaited General Elections of 2024, billed as the world’s biggest festival of democracy, began on Friday with Phase 1 of polling in 102 Parliamentary Constituencies (the highest among all seven phases) in 21 States/ UTs and 92 Assembly Constituencies in the State Assembly Elections in Arunach

A sustainability warrior’s heartfelt stories of life’s fleeting moments

Fit In, Stand Out, Walk: Stories from a Pushed Away Hill By Shailini Sheth Amin Notion Press, Rs 399

What EU’s AI Act means for the world

The recent European Union (EU) policy on artificial intelligence (AI) will be a game-changer and likely to become the de-facto standard not only for the conduct of businesses but also for the way consumers think about AI tools. Governments across the globe have been grappling with the rapid rise of AI tool

Indian Railways celebrates 171 years of its pioneering journey

The Indian Railways is celebrating 171 glorious years of its existence. Going back in time, the first train in India (and Asia) ran between Mumbai and Thane on April 16, 1853. It was flagged off from Boribunder (where CSMT stands today). As the years passed, the Great Indian Peninsula Railway which ran the

Visionary Talk: Amitabh Gupta, Pune Police Commissioner with Kailashnath Adhikari, MD, Governance Now


Archives

Current Issue

Opinion

Facebook Twitter Google Plus Linkedin Subscribe Newsletter

Twitter