New ITR forms to be far more simplified: Jaitley

The controversial new income tax return forms, which had been put on hold, will be "far more simplified", Finance Minister Arun Jaitley said today, but kept the suspense on if the requirement of disclosing all bank accounts and foreign travels will be retained.
He said after having public consultations, he has asked the income tax department to come up with the simplest form, which is available.
"They (CBDT) are coming out with a proposal. Now that I am free from Parliament, they will put up before me," he told PTI in an interview when asked whether the number of pages of the forms will be cut down from thirteen and a half.

Asked whether the queries on foreign travel and bank accounts, considered by many as intrusive, would be dropped in the revised form, the Minister said: "You wait, but I can only tell you it will be far more simplified".
He seemed to suggest that the questions about foreign travel and all bank accounts would be limited to a section of tax assessees.
"... As far as 8 or 9 out of 10 tax payers are involved, their form has to be very simple...There are various kinds of details, which are to be filled up may be absolutely redundant for them," Jaitley said in reply to a question on the queries in the forms that triggered a controversy.