New Tax Forms Ease Detailing Of Foreign Travel, Bank Accounts


NEW DELHI: After complaints by individual income tax payers over the new forms announced in April, the government on Sunday notified a fresh set -- each of no more than three pages -- and did away with the much-resented details sought on foreign travel and bank accounts.

Since the process is still on to recast the software to enable e-filing of the returns, the last date for filing has also been extended to August 31, it was announced by the finance ministry on Sunday.

Notably, against the details of foreign travel and the expenditure thereon required from some categories of tax payers, the new forms require only the passport number, including that of the old one, if available or issued.

Another clause grudged was over the bank accounts details and the balances, in them for both operational and the dormant ones. Now, only the Indian Financial System Code is required for all accounts. Exemption from this has been extended to accounts dormant for over three years.

The finance ministry had acknowledged that the new tax forms had caused much concern.

"The government has received representation on the new return forms notified on April 15, 2015 and taking into account the concerns raised, the government has decided to modify the return forms," Finance Minister Arun Jaitley told the Rajya Sabha earlier this month.

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Source: IANS