New ITR forms to be far more simplified: FM Jaitley

Zee Media Bureau

New Delhi: The new income tax return (ITR) forms will be far more simplified, Finance Minister Arun Jaitley said on Saturday.

The simplified form, which is being brought after the earlier version was opposed by industry and MPs for cumbersome disclosure norms, may exclude disclosure of dormant bank accounts as also those which do not have a minimum specified balance.

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.

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 tax department also held consultations with industry chambers seeking their views for simplification.

The ITR forms, which was notified by the CBDT had last month 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.

With Agency Inputs