Union Finance Minister Arun Jaitley on Thursday proposed to bring in an ‘extremely simplified’ income tax returns form in place of the controversial 14-page ITR form that sought information on bank accounts held overseas and details of all foreign trips made during the year.
“I am having the entire matter reviewed and very soon you will hear an extremely simplified procedure coming for us,” the Minister said during the debate in the Lok Sabha on the Finance Bill which was passed by a voice vote.
MAT exemption
Mr. Jaitley offered tax relief to foreign investors by exempting income from securities transactions, royalties and technical service from minimum alternative tax (MAT) in those cases where the normal tax rate is less than 18.5 per cent.
Mr. Jaitley also announced exemption from service tax on life insurance policies under the Pradhan Mantri Jeevan Jyoti Bima Yojana and Pradhan Mantri Jan Dhan Yojana and on general insurance policies under the Pradhan Mantri Suraksha Bima Yojana, besides some changes in duty rates applicable to raw silk, iron ore and rubber.
During the debate, in response to oft-repeated remarks including by Congress vice-president Rahul Gandhi on Prime Minister Narendra Modi’s foreign visits, he said: “When PM goes abroad he is performing a national duty…there’s a difference between performing a national duty and disappearing for a jaunt.”
