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Income Tax forms made simpler

Sentinel Digital DeskBy : Sentinel Digital Desk

  |  1 Jun 2015 12:00 AM GMT

New forms ease detailing of foreign travel, bank accounts; last date of filing returns extended to August 31

New Delhi, May 31: After complaints by individual income tax payers over the new forms announced in April, the government on Sunday notified a fresh set - each of no more than three pages - and did away with the much-resented details sought on foreign travel and bank accounts.

Since the process is still on to recast the software to eble e-filing of the returns, the last date for filing has also been extended to August 31, it was announced by the fince ministry on Sunday.

Notably, against the details of foreign travel and the expenditure thereon required from some categories of tax payers, the new forms require only the passport number, including that of the old one, if available or issued.

Another clause grudged was over the bank accounts details and the balances, in them for both operatiol and the dormant ones. Now, only the Indian Fincial System Code is required for all accounts. Exemption from this has been extended to accounts dormant for over three years.

The fince ministry had acknowledged that the new tax forms had caused much concern.

"The government has received representation on the new return forms notified on April 15, 2015 and taking into account the concerns raised, the government has decided to modify the return forms," Fince Minister Arun Jaitley told the Rajya Sabha earlier this month.

The Central Board of Direct Taxes (CBDT) had notified the new norms that required an assessee to furnish all bank details, accounts opened or closed in the year with the closing balance, as also the sources of funds for expenses in an overseas travel.

The purpose of asking details relating to foreign travel, according to the fince minister was to tackle the mece of black money. He had further sought to justify the forms by saying fresh details were not required in forms filed by the majority of individual taxpayers.

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