The Centre will be further simplifying income tax return forms to help taxpayers, with the Revenue Department setting up a committee to look into the matter. The committee will be headed by a Joint Secretary, and will include tax experts and chartered accountants, PTI reported on Sunday. This is aimed at helping taxpayers so that they need not seek outside help when filing I-T returns, said the report. The committee will reportedly look into reducing the number of pages on the I-T return forms as well.
The I-T department had come out with a simplified tax return form in June after experts objected to the 14-page form notified earlier this year. The new forms ask taxpayers to disclose the number of savings and current bank accounts held by them at any time during the previous year, along with their Aadhaar number. They also have to provide the Indian Financial System Code of their banks and can opt to indicate in which bank account they want their refund credited.
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