New simplified ITR forms in a week, says FM

Finance Ministry will come out with simplified Income Tax Return (ITR) forms by next week, replacing the controversial ones that have been put on hold. “We will notify the new simplified ITR forms in a week,” a top government official said. The ITR forms were put on hold by the Ministry last month after the industry, <g data-gr-id="16">assessees</g> and Members of Parliament voiced their reservations because of the cumbersome disclosure requirements. Talking to reporters, Minister Arun Jaitley said 3-4 additions were made in the ITRs. “On matters of taxation, the government and my position is very clear, and that is <g data-gr-id="17">simplification</g>. Earlier, there were 12 and a half pages. According to me, 12 and a half pages are excessive. I called up and put on hold the ITR forms,” he added.”