Finance Minister promises simplified tax return forms
Posted on: 23/May/2015 5:00:59 PM - No. of views : (1368)
Replacing the controversial income tax return forms, a new simplified one will soon be offered by the finance ministry. Notifications about the same will be announced in a week, say officials from the government. ITRS will be changed with about three or four additions in it, said the finance ministers during a recent press meet. He says his position and that of the government are very clear. There were 12 and a half pages int he form earlier. However, this is very excessive and hence I have taken a call to reduce it, said Jaitley.
At the time of ITR form notification, Jaitley was in Washington. These simplifications are called as �a good step� by him. For salaried individuals and those who do not receive any professional or business income needs to file their reruns in ITR-1 or ITR-2 by July 31.
The ITR forms which are notified for the existing year needs bank details and foreign visit details. There is a separate column for bank accounts, IFSC code, name of joint account holder name, etc.
