No cumbersome disclosures! Simplified tax return forms to be notified by next week

NEW DELHI: The Finance Ministry will come out with simplified Income Tax Return (ITR) forms by the next week, replacing the controversial ones that have been put on hold.

"We will notify the new simplified ITR forms in a week," a top government official said.

The ITR forms were put on hold by the Ministry last month after the industry, assessees and Members of Parliament voiced their reservations because of the cumbersome disclosure requirements.

Talking to reporters, Finance Minister Arun Jaitley said 3-4 additions were made in the ITRs.

"On matters of taxation, the government and my position is very clear, and that is simplification. Earlier, there were 12 and a half pages. According to me, 12 and a half pages are excessive. I called up and put on hold the ITR forms," Jaitley said.

The Minister was in Washington last month when the ITR forms were notified.

Jaitley termed the simplification as "a good step". The salaried individuals and those persons who do not have business/professional income are required to file returns in either ITR-1 or ITR-2 by July 31.

The ITR forms notified for the current assessment year sought details of bank accounts and foreign visits. These had specific columns for bank accounts, IFSC code, names of joint account holders and foreign visits, including the ones paid by companies.