An extremely simplified income tax return form  (ITR) will soon replace the controversial 14-page ITR 1 that sought information like all bank accounts and foreign trip details, Finance Minister Arun Jaitley announced in the Lok Sabha on Thursday.

“I am having the entire matter reviewed and very soon you will hear an extremely simplified procedure coming for us,” he said replying to the debate on the Finance Bill, 2015.

Referring to the criticism of new 14-page income tax return (ITR), he said the entire issue has been reviewed and the form will be based on feedback received from the industry and MPs. (Source- PTI)

More Under Income Tax

Posted Under

Category : Income Tax (28069)
Type : News (13868)
Tags : ITR (632)

0 responses to “'Extremely simplified' tax form soon, says FM”

  1. sushil kumar bansal says:

    Dear Sir,
    when will be simplified ITR be loaded in system for individual for the A/Y 2015-16

    kindly advise us in this regard.

    thanks and regards.

    SUSHIL KUMAR BANSAL

    MOB.8826111554

  2. M K SRIDHARN says:

    WHAT IS THE PRESENT POSITION OF ITR THAT WILL BE SIMPLIFED BY FM AS PROMISED IN LOK SABHA? WHEN IT WILL BE DONE?

  3. Vasudev says:

    Completely agree with Sir S Balasubramanian.
    The AIR reporting data from banks and mutual funds, securities holding companies can be made exhaustive to catch those individuals who dodge the tax net. Unfortunately the I.T department wastes lot of energy and exchequer’s money chasing tax paying assessees. I suppose that the number of individuals caught, who haven’t paid tax in their life, and the amount recovered due to diligence from I.T department by using the AIR report already in existence, is pitifully negligent.

  4. CHIRAG SATHWARA says:

    DEAR SIR,

    WHEN WILL PROVIDE ITR FORM FOR A.Y. 2015-16

  5. Vasudev says:

    The tds credit mechanism like form 26AS is so far good enough to trap the inconsistencies in tds deductions and also transparent to the assessee.
    So, Why can’t the same tech feature be extended to interest payments from bank, Since almost all accounts are linked to a unique pan number. When all interest payments are linked to the tin common platform, the tax department can trap false 15G and 15H claims by introducing the necessary software. The honest assessee is thus saved of filling bigger and bigger data every year.

  6. S Balasubramanian says:

    As PAN numbers have been given to individual and corporate assessees, ITOs and Assessing Officers also can be assigned numbers with email IDs linked to them so that constituents can write email messages to the particular AOs for refunds that are pending for years.

    Particularly, a lot of refunds are pending for A.Y. 2008-2009, 2009-10. Honourable FM would like to call for figures of refunds pending A.Y. wise.

  7. S Balasubramanian says:

    The Government is working overtime to collect more data. Instead, it can work with the data that is already available.

    1. Why not develop a software program to find out who is furnishing form 15G 15H incorrectly?

    2. Whether the declaration given matches the returns furnished/not furnished?

    3. To call for returns from established businesses in the restaurant industry?

Leave a Reply

Your email address will not be published. Required fields are marked *