Government today announced that new Income Tax Return (ITR) Forms for A.Y. 2015-16 released vide Notification No. 41/2015 Dated 15.04.2015 that require disclosure of details regarding bank accounts and foreign trips undertaken by an individual will be reconsidered, a move that comes after criticism from tax experts and others.

It will come out with simplified ITR forms, it was officially announced.

Revenue Secretary Shaktikanta Das told media that the Finance Minister has called him from Washington and said that whole matter related to new ITR form will be reconsidered.

New IT forms Require a Taxpayer to make following additional disclosure in comparison to last Year :-

  1. Details of  number of bank accounts held by the individual at any time (including opened/closed) during the previous year with the last balance in the account on March 31 of the just-concluded fiscal.
  2. Details of Foreign Travel
  3. Details of foreign assets and income from any source outside India.
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0 responses to “Review and simplify new Income Tax Return (ITR) forms: FM”

  1. kumar says:

    Sir

    Simplication forms etc. are all very good and the processing of return now at Bangalore to be shifted to all capital of state and the files all at Bangalore for 4/5 states means very undue delay in processing and the system of filing acknowledgemet form no v to CPC to be stopped and every thing now online and it can be easily known and identified by all . Why the process of sending form V to Bangalore CPC is one unnecessary and another one I want to know the CIBIL and PAN registration through on line to be opened to all those need to apply and get it . It should be free to all to get CIBIL certificate and to know the details and PAN should be despatched throug oneline and the number to be delivered immediately without delay and the payment to be made online etc to be opened to all and every thing in relating to file ITR on behalf of the Assessees to be made easily to get without any harm and patient. The man hours are now consumed by all without any respect to the time and everything Please consider it

  2. kumar says:

    Sir

    While filing of Income tax Return , you are directed to mention email id and phone number of all assessees on their own as optional and another one for representing assesseee or authorised representative and it is restricted only to 10 members . It is practically now very hard one to follow by the AR of the Assessees and this can be enhanced to 50 or 100 other wise we have to maintain so many phone numbers and email ids to keep all for our memory to login the user ids etc.This system to be altered or modified to user friendly to the representatives to enable them to file return easy with no task

  3. D.Pal says:

    For AY 2014-2015 there is 21.86% growth of e-filed IT returns(13010682 nos) compared to the AY 2013-2014 (10676604 nos). This is a great achievement on the Part of the Public and efforts put up by the Income tax department. This indicates People are now concerned to file returns. Inclusion of new requirements in IT return forms like Bank Details, Foreign Travel Details, Immovable Properties etc. will complicate the process of filing of IT returns and may discourage new assessees to file returns and for the existing assessees there may be a tendency of dropping out of filing returns. To curb Black money generation a mechanism should be devised to catch even the small traders who may be having a small shop but earning a lot of money having taxable income range.Further above Bank details may be obtained from the Banks based on PAN Numbers.

  4. RAJESH says:

    THANKS FOR CHANGES IN THE ITR FORM……….IT WILL HELP SOMEWHAT IN DETECTING BLACK MONEY BUT GOING TO BE A BURDEN FOR MIDDLE CLASS TAX PAYERS WHO ALWAYS SUFFER BY THE CHANGES MADE. THE BANK CAN DIRECTLY PROVIDE DETAILS OF TAX PAYER WITH THE PAN NUMBER THEY HAD…..SO MAKE IT MANDATORY FOR BANKS TO PROVIDE THE INFORMATION REGARDIND THE BANK ACCOUNTANTS OF THE TAX PAYERS…. INSTEAD OF PROVIDING THEM THROUGH ITR RETURNS…….

  5. idiot says:

    RESPECTED FM,

    WHY ALL THESE ITR FORM CHANGES WERE NOT MADE PUBLIC OR DEBATED IN THE FLOOR OF THE HOUSES WHEN BUDGET WAS PASSED.
    IS THERE ANY PROVISION IN THE IT ACT TO ASK FOR SUCH INFO FROM ALL TAX PAYERS????

    GUD YOU HAVE HELD ON. THIS WILL LEAD TO THE UNPOPULARITY OF AN ELEECTED GOVT. IT DOES TAKE MUCH TIME FOR THE MASS TO CHANGE THEIR ATITUDE.
    YOU AHVE EXPERIENCED WHAT HAPPENED IN NEW DELHI.
    THE 65% YOUNG GENERATION IS MORE SMARTER THAN WE THE MIDDLE AGED OR THE EARLIER GENERATION.

    SO PLEAS ESCARP THE NEW ITR FORMS AND LET THE SAME METHOD CONTINUE. PLEASE DO NOT HESTILY TRY TO BRING IN CHANGES.

    JOSH MEIN AKARKE HOSH KHO BAITHANA MAT!!!!

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