Industry chambers and members of various associations meet with Finance Minister Arun Jaitley on Friday to discuss the additional disclosure requirements in the new income tax return forms and urged him to make them simple.
“We expressed that the 14-page form is tedious and the need to be made simple. Finance Minister was receptive to correction and simplification of forms in an hour-long discussion,” Sumit Mazumder, President, CII, said.
Mr. Mazumder, who is Chairman and Managing Director, TIL Ltd., also said the Finance Minister clarified that the government was more concerned about personal foreign travel than company travel.
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He also said that it was likely that the disclosures might take the form of Annexure and there might be two categories for those whom it applies and for those whom it does not. “The government is not keen to relax the norms on bank account disclosures in the income tax return forms,” he added.