Indian Government has decided to
"modify" the new Income Tax Return (ITR) forms in wake of concerns
raised over them.
The Income Tax department had
notified new income tax return forms on April 15.
In the new ITR-2, Indian Finance
Minister Arun Jaitley said, the information relating to foreign travel which
has been sought to be captured is as per the recommendation of Special
Investigation Team on Black Money constituted as per directions of the Supreme
Court.
"The government has received
representation on the new return forms notified on April 15, 2015 and taking
into account concerns raised, the government has decided to modify the return
forms," Jaitley said.
ITR-1 (SAHAJ) is for individuals
having income from salary/one house property/income from other sources. ITR-2
is for individuals and HUFs not having business/professional income. ITR-4S is
for individuals/HUFs deriving business income and such income is computed in
accordance with special provisions (44AD and 44AE).
The Finance Minister also said
the government has constantly endeavoured to make the ITR filing procedure
simple and hassle free with the introduction of electronically filed ITR forms
in 2006-07.
The process of electronic filing
has been made simpler over the years, he added.
As a result, during 2014-15, 3.41
crore returns were filed electronically which constituted 87 per cent of the
all the returns filed in the fiscal.
The government has also provided
free ITR preparation software with the facility of pre-filled tax payment and
tax deduction columns in the ITR to avoid data entry and mistakes.
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