CBDT to introduce two sets of I-T forms

April 21, 2015 16:13

The Centre is said to be working on a simpler income-tax return form for the aam aadmi.

Apart from that, the Central Board of Direct Taxes has devised a new strategy to unearth black money used in foreign travel, which was the reason behind its complicated but cancelled ITR that called for details of foreign travel.

But now realisation has sunk in that 95 per cent of assessees are not regular overseas fliers, and that they go abroad for tourism purposes or to visit relatives. What the CBDT is interested in is the traveller of the other kind.

So the plan is to have two sets of ITRs. One for those who have travelled abroad more than once a financial year, and the other, simpler form for those who have not travelled abroad. Of course, the latter will have to append copies of their passport in support of their no-travel claim.

The CBDT also plans to authorise tax-payers to submit a Saral IT form that is self-attested, in line with the Modi government's initiative for self-attestation.

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