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Finance Minister Arun Jaitley has convened a meeting of major stakeholders on Friday to discuss the controversial income tax return forms for 2015-16.
The Revenue Department’s recent move to stipulate disclosure of details of foreign travel visits of the assessee, spend made during these trips and the source of funds had invited widespread criticism from various quarters.
Faced with criticism, Jaitley had recently directed the Revenue Department to review the tax return forms and come up with suitable changes.
The Central Board of Direct Taxes (CBDT) has now asked apex industry chambers like Assocham to send a small delegation for meeting the Finance Minister on this issue at North Block on Friday, official sources said.
PTI adds: The CBDT had last week notified the forms for the current assessment year, seeking additional details to check the menace of black money.
As it stands, the new ITR forms, including the ITR-1 and ITR-2, require an assessee to furnish the number of bank accounts held by the individual “at any time (including opened/closed) during the previous year” with the last balance in the account as on March 31 of the just-concluded fiscal.
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