As per the news published on PTI, the Finance Ministry will come out with simplified Income Tax Return (ITR) forms by this week, replacing the controversial ones that have been put on hold.
The ITR forms were put on hold by the Finance Ministry last month when all the persons like industry, assessees and MPs raised their voices and put question mark on the matter due to cumbersome disclosure requirement as per the new proposed ITRs.
Finance Ministry is committed to simply the ITRs. Earlier there were 12 and a half pages.
The ITR forms notified for the current assessment year sought details of bank accounts and foreign vistits. These had specific columns for bank accounts, IFSC code, name of joint account hoder and foreign visits including the ones paid by the companies.
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