Simplified ITR forms in pipeline
The I-T department had in June come out with a simplified ITR form for the salaried class
New Delhi: The government is trying to make filing of income tax return so simple that you will not need to go to chartered accountant. Revenue Department has set up a committee to suggest further simplification of the I-T returns.
The committee would look at ways to come out with a simple formula for indexation to help assessees compute capital gains on sale of assets. Committee would also look into the possibility of reducing the number of pages in the return form.
The committee is likely to be headed by a joint secretary level officer and would include CAs and tax experts. “The tax department is trying to further simplify the return form so that no outside help is needed by those who want to file returns on their own,” said officials.
The I-T department had in June come out with a simplified ITR form for the salaried class. The government was forced to withdraw earlier income tax return form after severe criticism that these were cumbersome and could also increase harassment of taxpayers.
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