The decision comes in the wake of difficulties expressed by various sections
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New Delhi: Revenue secretary Shaktikanta Das said that the finance minister called him from Washington and said the whole matter related to new ITR form will be reconsidered. “The government will simplify the ITR form,” he said.
He said the decision to review the new I-T returns forms comes in the wake of difficulties expressed by various sections and tax experts on the new ITR forms. Despite PAN cards being mandatory while opening bank accounts, the new I-T form required taxpayers to fill details of all banks accounts s/he held in the country. The taxpayer was also required to give details of instances of foreign travel.
The taxpayer had to disclose passport number, the issuance place of the passport, countries visited, number of times such sojourns were made and in case of a resident taxpayer, the expenses incurred from “own sources” in relation to such travel.
The new ITR forms, including ITR-1 and ITR-2, required an assessee to furnish the number of bank accounts held by the individual “at any time (including opened/closed) during the previous year” with the last balance in his or her account on March 31 of the just-concluded fiscal.
( Source : dc/agencies )
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