You won’t need to fret over your IT returns. The Govt is simplifying it for you

Government seems to be getting serious about the Black Money issue and is thus, reworking the controversial tax return form, which requires disclosure of details of personal spending during overseas trips and local bank accounts.

As per a news report in The Economic Times, the decision to redo the form follows consultations has been initiated by Finance Minister Arun Jaitley after his return from the US last week. The form had been unveiled by the tax department in the minister's absence, creating an uproar, which resulted in Jaitley asking his officials to put it on hold.

Officials in the revenue department had defended the move, arguing that the changes were based on the recommendations of the Special Investigative Team (SIT) on black money, which has made several suggestions to crack down on illicit wealth.

The government had earlier announced that it will seek details of overseas bank accounts, interests in foreign companies and trusts abroad. But, information related to domestic bank accounts and overseas travel came as a surprise.

"The form is being simplified," a senior government official told the financial daily. He refused to disclose further details. Sources told the ET that the new forms may be released over the next few weeks. With the foreign travel-related details being the most contentious element of the form, chances are that the government's "simplification" exercise will seek to address this concern.

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