Revised Income Tax Returns will be simple – Says Finance Minister
FM observes New Income Tax Return Forms (ITR) will be much simplified – ITR-2 return forms released this year to be amended mainly after tax payers object for providing detailed Air Travel Information
Finance Minister has announced “far more simplified” ITR-2. Finance Minister Arun Jaitley said today that the IRT-2 will be simplified taking into consideration the representations made on furnishing the Air Travel Information etc. However there is a speculation whether the new form will not contain columns about furnishing bank accounts and foreign travels.
FM said that the changes have been made after having public consultations, he has asked the income tax department to come up with the simplest form.
“They (CBDT) are coming out with a proposal. Now that I am free from Parliament, they will put up before me,” he told in an interview when asked whether the number of pages of the forms will be cut down from thirteen and a half.
When asked whether the queries on foreign travel and bank accounts, considered by many as intrusive, would be dropped in the revised form, the Minister said: “You wait, but I can only tell you it will be far more simplified”. It seems to suggest that the questions about foreign travel and all bank accounts would be limited to a section of tax assesses.
FM said “As far as 8 or 9 out of 10 tax payers are involved, their form has to be very simple..There are various kinds of details, which are to be filled up may be absolutely redundant for them,”
The simplified I-T return form is being brought after the earlier version was opposed by industry, MPs and assesses 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,” Jaitley said.
The salaried individuals and those 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.
Income Tax Return (ITR) for 2014-15 to be revised(Assessment year 2015-16) following apprehensions of tax payers over details sought relating to foreign travel
Viewers ma be aware that the ITR forms, which was notified last month by the CBDT for the current assessment year, had specific columns for banks accounts, IFSC Code, names of joint account holders and foreign visits, including the ones paid by the companies.