Simplified I-T return forms likely by month end
The Finance Ministry is likely to come out with simplified Income Tax Return (ITR) forms by the end of this month which may exclude disclosure of dormant bank accounts as also those which do not have a minimum specified balance. The simplified form, which is being brought after the earlier version was opposed by industry and MPs for cumbersome disclosure norms, is also likely to relax the requirement of reporting details of every foreign travel undertaken.
"An internal meeting of the Finance Ministry officials on the issue will take place soon after Parliament session ends. We are looking at whether dormant bank accounts need to be disclosed as most of the time they have very little balance," a top official said.