Simplified ITRS 1, 2, 4S and New 2A for AY 2015-16 Notified on 23-06-2015 Click Here >>

As per Media Reports, the Finance Ministry has, on Saturday assured that newly notified Income Tax Returns (ITRs) shall be reconsidered for simplification.

Government has made this statement just a couple of days after Central Board of Direct Taxes has notified new Income Tax Returns ITR-1 Sahaj, ITR-2, ITR-4S Sugam for the Assessment year 2015-16.

The new ITRs require detailed disclosure of information pertaining to all the bank accounts held at any time during the previous year, details of Foreign Assets and income from any source outside India, details of foreign travel and expenses incurred.

The proposed disclosure requirements as above have been doing the rounds in public and the tax professional and were considered as unnecessary and cumbersome, particularly for non-business classes.

If media reports are to be believed, the Revenue Secretary has informed that the finance minister himself called him saying that the issues related to new ITR form will be reconsidered.

However, till time, the official website of the finance Ministry or Income tax Department do not have anything to corroborate this. What is to be seen is whether pending reconsideration, new ITRs shall be cancelled or suspended ? This page shall be updated  with official words as soon as it is placed.

Related Updates:

New ITRs AY 2015-16 Notified Click Here >>

Major Changes in ITR-1 Sahaj Click Here >>