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.
  4. Some Suggested Posts related to above  

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    1 How to use / Enable E-filing Vault on Income Tax
    2 Understanding Compliance Query of Income Tax Department
    3 Rule 12 of Income Tax Rules wef 1st April 2016
    4 Instructions for filing ITR-4S-SUGAM for AY 2016-17
    5 Income Tax e-Filing DSC management utility
    6 How to File Income Tax Return of a Deceased Assessee?
    7 FAQs on filing the return of income
    8 For whom e-filing of Income Tax Return (ITR) is Mandatory
    9 Guide to know ITR applicable: Which ITR Applicable to whom?
    10 How to reset password when activation link not confirmed while registering PAN in Income Tax Department

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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!!!!

  6. idiot says:

    RESPECTED ARUN JAITLEY SAHAB,,
    THANKS FOR PROMPTLY ACTING ON THIS FLAWED NEW ITR MATTER WHICH HAD TO BE RETARDED WHIL;ST ATTENDING TEH IMF AND WB CONFERENCE IN USA!!! WHAT A PITY YOUR BUREAUCRATS HAVE LEFT TO YOU WITH THIS UNPROFESSIONAL ACT..
    HOPE TO SEE SOME GOOD IN THE REVIVED ITR FORMS.

    NEEDLESS TO MENTION WHAT A SHAME THE GOVT HAD TO FACE WITH THIS ACT WHEN SINCE 2008 ALL TEH CITIZENS ESPECIALLY TAX PAYERS AND HONEST RETURN FILERS HAVE BEEN FACING WHEN EVERYWHERE PAN CARD, AADHAR CARDA ND KYC WAS DEMANDED AND GIVEN.

    A) SIR, WHAT HAPPENED TO THOSE LINKINGS OF PAN CARD , KYC AND AADAHAR LINKED TO BANK ACCOUNTS WHWICHEVER NEW OR EXISTING.

    B) SIR- EVEN WHILE ISSUING VISAE THE LOCAL FOREIG CONSULATES DEMAND LAST THREE YEARS IT RETIRNS

    C) SIR, IMMIRATION OR EMMIGRATION HAS DETAILS OF PASSPORTS OF ALL TRAVELLERS TRAVELLING . WHAT HAPPENED TO THAT???

    D) SIR, THE RBI HAS THE RECORDS OF ALL THOSE WHO CARRY FT UNDER BTQ OR BIZ WHICH IS OFFICIALLY ISSUED (OF C OURSE WHO CARRY OFFICIAL EXCHANGE) AND BY DEFAULT LINKED TO THE PASSPORT, AIR TICKETS …..

    E) MIDDLE CLASS OR EVEN HIGHER MIDDLE CLASS TRAVELLING ABROAD AS TOURIST MOSTLY TAKE REPUTED TRAVEL COMPANIES WHO DO NOT ENTERTAIN ANY CASH DEALS BUT ONLY CHEQUE PAYEMNTS SO NO QUESTION OF TEH SO CALLED BLACK MONEY OR EVEN IN CASES WHERE URGENT TOURIST /BIZ VISAE R TO BE ISSUED AND CASH IS PAID BY TEH TRAVELLER AS CONSULATES ONLY TAKE CASH , THE TRAVEL COS ISSUE A RECEIPT AS THESE AMOUNTS RANGE BETWEEN 5 AND 10 THOUSAND ONLY.

    AFTER HAVING SO MANY OBSTACLES ALREADY INTRODUCED, IMPLEMENTED BY THE GOVERNMENT AND HONESTLY FOLLOWED BY MAXIMUM TAX PAYERS WHY THIS UNPROFESSIONAL AND FALWED DEMAND OF INFO IN TAX RETURNS.

    SIR, WILL THIS CURB BLACK MONEY???? MY EMPHATIC ANSWER IS NO NEVER. IT WILL GIVE RSIE TO GUNDA INSPECTOR RAAJ, DADAGIRI BUREAUCRACY AND MOST IMPORTANT BRIBERY AND FRAUDS.+ HARRASMENTS TO THOSE WHO WILL NOT BRIBE.

    UNDER THE PM’S ANTI CORRUPTION OR CORRUPTION ERRADICATION IS THIS TEH SOLUTION.
    SIR, THINK 100 TIMES BEFORE INTRODUCING ALL THESE REQUIREMENTS.
    EXAMPLE:- WHERE THERE IS DARU BANDI THERE IS MAX SMUGGLING OF LIQUOR.
    WHEN GOLD CONTROL WAS IMPOSED THE GOLD SMUGGLING INCREASED. SO ALSO MORE BLACK MONEY GENERATION AND MONEY CHANGING LOTS OF HANDS WILL HAPPEN IF THIS ITRS ARE USED OR RATHER INSISTED BY YOUR GOVT. TO BE USED.
    PLEASE INFORM WHOSE IDEA IS THIS?????

    LET TRUTH COME TO LIGHT. WE DID NOT EXPECT THIS WHEN WE VOTED BJP AND MR MODIJI TO POWER.
    GOD BLESS YOU ALL.

  7. SAMEER says:

    CBDT, I.Tax Dept & the GOVT. ARE MAKE LIFE OF HONEST TAX PAYERS MISERABLE DAY BY DAY, A COMMON-MAN FINDS VERY DIFFICULT TO FILE HIS TAX RETURN OF HIS OWN,SPECIALY THOSE WHO ARE SENIOR CITIZENS. WHY THERE IS A CHANGE IN ITR FORMS EVERY YEAR ? MR. FM & MR. PM THERE ARE MANY SENIOR CITIZENS EARNINING BREAD & BUTTER BY DOING CO-OP. HOUSING SOCIETY’S ACCOUNTS & FILING THERE TAX RTNS. BUT JUST CHECK AT GOVT.I.TAX DEPARTMENT FOR LAST TWO ASSESSMENT YEARS SENT THE DEMAND NOTICE BY NOT ALLOWING AN INTERES INTEREST INCOME U/S. 80P.
    THIS HAS RESULTED IN DROP OF WORK FOR SR.CITIZENS & SOCIETY’S ARE NOW APPOITING CHARTERED ACCOUNTANTS FOR THERE TAX RTNS. ALSO SEE THE HARRASMENT OF I.TAX DEPT. FOR TDS RETURNS EVEN A ONE DELAY OF FILING TDS RTN RESULTS IN RS.200. PER DAY PENALTY. THIS MAKES THE CO-OP.SOCIETY’S ACCONTANTS (SR.CITIZENS) LIFE MEASURABLE. MR.FM & MR. PM, PLS. FULLFILL YOUR PARTY’S PROMISE OF AaCHHE DIN FOR COMMON PEOPLE.

  8. Cynthia Fernandes says:

    I fully agree to the comments posted by most of the readers. The govt. that we bring to power only makes things more complicated and difficult for the middle class, salaried people and senior citizens. i dont think this step will in anyways help bringing to light the black money but will only end up increasing the numbers. its only the poor man who pays taxes of all kinds for every little thing.
    PLEASE FM think of the middle class who is always targetted.

  9. CA Amit Ganar says:

    Disclosure of additional details is complete non-sense. It is true that the black money also runs thru the bank but it is of few people & not the existing all ITR filler.
    If FM wants these disclosures he may direct bank to file additional return stating the PAN of account holder and balance as on march end. For bank it is not big deal. All the banks already entered/ punched PAN of each account holder in their system and they want to just run additional module generating report and to file to IT department as TDS return annually or it may be added in AIR also. In addition to that even FM ask bank to add total debit and credit total of that account in particular FY to be reflected in 26AS.

    This will be the welcome step for curbing black money as well transparency in case of ITR filling. Consultants will also come to know the REAL transactions of clients and may insist to disclose the account along with income and pay tax.

  10. GURUVEL C - says:

    THANKS FOR FM TO RECONSIDER THE CHANGES IN THE IT FORMS. THE INTEREST OF LOYAL TAXPAYERS – SALARYED CLASS – MUST BE PROTECTED.

  11. M R SINGHVI TAX CONSULTANTS says:

    Yes, not only new notification, the entire Income Tax act has to be relooked and reconsidered. It is an fact that the Income tax act has totally failed in checking and curbing the growth of Black Money in India. One reason for the same, is NOTION IN THE MIND OF IT PAYERS, (which is also correct to some extent) the moment they file the Tax Return, they will be on radar of the Department, there case will be taken up for Scrutiny, there case only will be Selected for Survey etc., I request the Hon’ble Finance Mister to look into the Data of Previous Six Years Survey Reports u/s. 133(2) HE WILL BE SURPRISED TO SEE THAT THE PROVISION OF INCOME TAX WHICH IS ENECTED TO DETECT AND FIND NON FILERS AND NEW ASSESSEE IS USED ONLY AGAINST THE PERSONS WHO ARE FILING REGULAR INCOME TAX RETURN.
    HENCE UNLESS THE DEPARTMENT CREATES TOTAL FAITH AND FAIRNESS TO ALL, IT IS VEREY DIFFICULT IN PRESEENT SCENERIO TO CURB THE GROWTH OF BLACK MONEY AND ALSO INCREASE THE TAX BASE OF ASSESSEE

  12. S PRAKASH says:

    Dear FM, do you think that the black money will be un earthen because of the complicated forms and procedures especially for those WHO ARE ALREADY FILING THE RETURNS AND PAYING THE TAX PROMPTLY? Then WHAT ABOUT THE PERSONS WHO ARE NOT AT ALL FILING THE RETURNS AND NOT EVEN KNOW THAT INCOME TAX ACT IS THERE IN THE COUNTRY? All your complicated procedures and forms are meant only for the honest tax payers and not for those are outside the books of the Income Tax Department. If so what is your action for those people who are outside the tax net and still leaving a more happy life than those who are paying the tax. You are asking the people who are filing the returns promptly more, more and more details but not even know that there are people who do not furnish even a single detail to the department. You have accepted that the direct tax revenue has fallen short of the target, and even the TAXBASE. To increase the tax base what are the steps taken in your budget? Not even single, but introducing complicated procedures and forms for the individual and partnership assesses and keeping 44AB audit procedure for them, knowingly well that has failed to yield any results. For what you do not understand the practicals of the mentality of the Indian tax payers? If I appoint the auditor for myself you know that the auditor will report in the best interest of me only and in favour of the department. Why you are one step forward in harassing the tax payers in the name of block money making more complicated procedures and forms? Make the tax law simple you get more revenue and activate the CBDT which is still sleeping. I will quote from the departmental web as to how even till date the CBDT has not ready to accept the returns for 2015-16.

    • 17/04/2015
    CBDT has notified ITR 1, ITR 2 & ITR 4S for AY 2015-16 and amended Rule 12 [Refer http://www.incometaxindia.gov.in/Pages/downloads/income-tax-return.aspx%5D. For AY 2015-16, ITR 1, ITR 2 & ITR 4S where returned income is greater than 5 Lakhs or where Refund is claimed (except where the person is 80 years or more and filing ITR 1 or 2) and ITR 3, ITR 4, ITR 5, ITR 6 & ITR 7 are mandatorily required to be e-Filed. EVC (Electronic Verification Code) has been included as a mode for verification of e-Filed return. Departmental utilities shall be made available shortly. [Refer Notification No: 41/2015 dated 15/04/2015]
    You are even unable to announce the forms and make the utilities ready for the previous year, you have not even issued notices to the AIR information mismatch details, your officers will complete the assessment only when it is time barred on 31st March, no survey and search is done on the non filers of the returns, your ASK does not have proper internet facility, assesses are not getting the refund in time, 26AS is not matching TDS has become problem, number of posts are vacant and one person is holding multiple charges, the new officers are not properly trained to handle the block money, the appeals are not heard by the CIT (Appeals) for year together, and so many practical problems has to be solved before you introduce the new forms and procedures. Hope you will take it in right sence.To over come the Hon’ Apex court and High Court orders the ordinances are introduced and will all these complications how your department CBDT will work on the fresh information? Better to SCRAP THE CBDT OR MAKE ONE MARE DEPARTMENT FOR THE INDIVIDUAL AND PARTNERSHIP FIRMS AND ONE FOR THE CORPORATE ASSESSES.

  13. Pradip says:

    Middle class salary earning people chose change of Govt at Center with lot of Hope and these actions seem to be putting all law abiding people in uncalled for difficulties. If Govt is so serious about the Black Money, please bring on record donations to Political Parties. That is the GANGA of black money in India. BJP will face route in next elections if such harrassment are meted out to common citizens under garb of un-earthing black money..! Thanks to FM for realizing this and taking quick actions !!

  14. sriprakash says:

    All bankschave the PAN nos of the account holders. IT dept can obtain the same from banks directly. There will be no scope for any one not disclosing all accounts.

  15. rugram says:

    Thanks, Mr. Jaitley, for your quick response to reconsider the need for the additional information required on the I-T forms. Please be equally fast and announce your decision on this without delay, so that the suspense over the form would be over, necessary instructions are issued immediately, and people can get busy with collecting the information to be submitted.

    To anyone who has gone through the additional information proposed to be asked, it would have been clear that the details are too numerous and perhaps also of doubtful utility for whatever purpose they are meant to be.
    Please spare us, FM and CBDT, of such harassment. Thank you.

  16. R.M.Modi Advocate says:

    It is suggested that any changes under consideration of the Board of Direct taxes should be discussed with tax experts and Institute of Chartered Accounts etc. before finalizing. As most of them are procedural. This will save harassment and loss of time of the part of the tax payers.

    The eminent jurist and constitutional expert late Shri Nani Palkhiwala must have been saddened to see such happenings in direct tax laws and rules taking place even today. Simplification seem to have been buried for good by the Finance Ministry and the Board of Direct Taxes.

  17. rs says:

    will there be a coloumn in I T return form for reporting the bribes paid to Govt offices such as R T O. E B, municipality etc (conversion of white money to black money) & also money lost by tax payer in credit card/A T M card frauds for which banks are responsible?

  18. C L Gupta says:

    What ever the tax rate may be , what ever the tax exemption limit may be, it should be simplified.I am of the opinion that who are authorities to pass the financial bill will not be able to file their IT return of their own because of complicity.

    Today who pay the tax honestly is more sufferer then who does not pay the tax at all.If no body believe I may prove it to the satisfaction of all. I pay my tax honestly but I am very much poor in comparison to those who do not pay tax all.

  19. r.p.jindal says:

    BJP GOVT. is harrashing the middle class salaried people,senior citizens. While interest rate on deposits is being reduced ITR filling is being made complicated.
    BAD DAYS FOR MIDDLE CLASS

  20. vartak says:

    Ultimately wise wisdom prevailed.on FM realising the seriousness&hard ship that would have causef to common man

  21. CA. Subhash Chandra Podder says:

    It is not possible to furnish all the details as per recent IT return forms . Please with hold those forms and make it simplified . Trust on tax payers they are not fools to make fools to the Income tax departments . Black money comes on other ways , including banks .

  22. A. Ranganathan says:

    As a super senior citizen I hope that the Government will continue its effort to make tax filing a “saral” procedure for all.
    I would even venture to ask the Finance Minister to exempt citizens over eighty years of age from filing tax returns. Believe me at 83 years of age in failing health,memory and eyesight I find it extremely hard work and tiresome to tabulate the various income heads. seek tax exempt sources to invest and seek some relief and do all the other work incidental to filing.

    Myself and my Wife (74 years)live alone, with our only son and family living abroad. These days it is so dangerous to ask help from outsiders and expose to them our finances.

    There must be hundreds of thousands of assessees like us who deserve some compassionate treatment.

  23. K K SINGLA ADVOCATE says:

    DECISION OF FM TO REVIEW THE ITR FORMS IS WELCOME.

  24. Vivian Richards says:

    Good counsel at last appears to prevail FM. As I had said, it must have been the idiotic 18th century nutgrinder babudom that must have conceived those forms. How are they going to curb black money with getting such details? Why would black money holder give them all details on a platter? Are they able to trace them without assistance of Swiss banks? Great idiot Raj that made India a loser always, in Past when invders came and now when their legacy beauraucracy marauds and stalks the honest citizenry, taxpayers and poor people alike. NM must kickstart the old dogged bearaucratic machinery to make it really work like FM did, pulling the vacationermongers from abroad back to senses five.

  25. B.Chackrapani Warrier says:

    Seems a welcome move.

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