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New ITR forms might be split
PrintThe government has indicated that it might simplify the new ITR forms for filing income tax returns by breaking it up into parts so that not everyone has to grapple with complexity.
Instead of one big form with many columns, the revised version might have annexures that only those who need to declare something need to fill up, president of Confederation of Indian Industry Sumit Mazumder, said after a meeting with finance minister Arun Jaitley and officials.
The ministry called the meeting after outcry over the new income tax return form that sought information of foreign trips and details of all bank accounts held by tax return filers.
After the criticism the government had put the new ITR forms on hold. As it stands today, in the new forms the filers will be required to disclose money spent during foreign visits and source of funds for the trip.
They will also require an assessee to furnish the number of bank accounts held by the them “at any time (including opened/closed) during the previous year” with the last balance in the account as on March 31 of the just-concluded fiscal.
The assessee will also have to furnish the name of the bank, account number, address, IFSC code and any possible joint account holder's name.
Instead of one big form with many columns, the revised version might have annexures that only those who need to declare something need to fill up, president of Confederation of Indian Industry Sumit Mazumder, said after a meeting with finance minister Arun Jaitley and officials.
The ministry called the meeting after outcry over the new income tax return form that sought information of foreign trips and details of all bank accounts held by tax return filers.
After the criticism the government had put the new ITR forms on hold. As it stands today, in the new forms the filers will be required to disclose money spent during foreign visits and source of funds for the trip.
They will also require an assessee to furnish the number of bank accounts held by the them “at any time (including opened/closed) during the previous year” with the last balance in the account as on March 31 of the just-concluded fiscal.
The assessee will also have to furnish the name of the bank, account number, address, IFSC code and any possible joint account holder's name.
Category : ITR | Comments : 0 | Hits : 1482
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