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 :-
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.
Details of Foreign Travel
Details of foreign assets and income from any source outside India.
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