(Image source from: Filing tax returns simplified})

The central government has announced the simplified and thinner income tax return forms, which do away with the need for the unnecessary disclosures on the spending on foreign visits and dormant bank accounts and extended the deadline for filing the papers by a month until August 31.

"Forms ITR 1, 2 and 4S for assessment year 2015-16 were notified on 15th April 2015. In view of various representations, it was announced that these ITR forms will be reviewed. Having considered the responses received from various stakeholders, these forms are proposed to be simplified," the finance ministry said. On bank accounts, only the IFS code along with the account number of all current and savings accounts will be required to be filled up, but account balance need not be declared. "Details of dormant accounts which are not operational during the last three years are not required to be furnished," it added.

"Very welcome move. The government has carefully considered the representations made and suitably dealt with the same by coming out with changed and different forms. Expatriates can breathe easy as unnecessary information will not be requested," said Sonu Iyer, human capital leader at consulting firm Ernst & Young.

By Premji