An extremely simplified income tax return form (ITR) will soon replace the controversial 14-page ITR 1 that sought information like all bank accounts and foreign trip details, Finance Minister Arun Jaitley announced in the Lok Sabha on Thursday.
“I am having the entire matter reviewed and very soon you will hear an extremely simplified procedure coming for us,” he said replying to the debate on the Finance Bill, 2015.
Referring to the criticism of new 14-page income tax return (ITR), he said the entire issue has been reviewed and the form will be based on feedback received from the industry and MPs. (Source- PTI)
