New ITR forms might be split
PrintListen to this Article
0:00
0:00
The 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 : 1511
The Central Board of Direct Taxes (CBDT) has notified Income-tax Return Form 2 and 3 for the Assessment Year 2024-25. Rule 12 has been amended to allow individuals and HUF, who are liable to tax audit...
A record eight crore 18 lakh Income Tax Returns, ITRs were filed in the current financial year till Sunday. This is nine per cent more than the total ITRs filed in the last fiscal. According to Centra...
Average processing time of Income Tax Returns (ITR) has reduced to ten days in the Assessment Year 2023-24. Average processing time of ITR was 82 days in the Assessment Year 2019-20, and 16 days in As...
Comments