Government on Tuesday said it has decided to ‘modify’ the new Income Tax Return (ITR) forms in wake of concerns raised over them. The I-Tax department had notified new income tax return forms on April 15.
In the new ITR-2, Finance Minister Arun Jaitley said, the information relating to foreign travel which has been sought to be captured is as per the recommendation of SIT on Black Money constituted as per directions of the apex court.
Such information can help in developing risk profiles for detection of evasion of tax, he said in the written reply to the RS, adding that these details are not required in ITR-1 or ITR-4S which is filed by majority of individual taxpayers. “‘The Govt has received representation on the new return forms notified on April 15, 2015 and taking into account concerns raised, the Govt has decided to modify the return forms,” Jaitley said.