Millennium Post

New ITR forms: Special team to re-draft format after criticism

The new format of Income Tax Return (ITR) forms that was withdrawn by the government in the wake of complaints over providing details of foreign trips and domestic bank accounts is being revised to make it simpler.

“The new ITR format has been put into revision and it is on the drawing board again. A special team of officials from the CBDT is working on it in consultation with the Income Tax and Revenue department officials,” a senior official privy to the development said on Monday  The official said the new and simplified ITR forms are expected to be notified “soon” after it is cleared by the Finance Ministry so that taxpayers can file their returns soon. “May be, the entire column asking details on foreign travels could be taken off as this information can be obtained by the taxman, in suspect cases, through other means,” the official said.



Our contributor helps bringing the latest updates to you

Share it