Revised tax returns forms will be notified soon
Tax authorities will soon notify the new Income Tax Return (ITR) forms to be used to give income details for financial year 2014-15 (which is also referred as assessment year 2015-16).
A senior Finance Ministry official said changes in the earlier notified forms are being finalised and hopefully the “new forms will be out very soon.” However, he refused to share any details about the changes.
It is believed that there could be some changes related with foreign travel and the norms on bank details could be simplified.
The new ITR forms, especially ITR 1 (for salaried person who have no other income except interest income), seeks details about foreign travel and all bank accounts along with the balance as on March 31, 2015, besides other information. These measures are meant to track black money.