Finance Minister Arun Jaitley on Thursday said that the government will come out with a simplified Income Tax Return (ITR) form soon.
Responding to the Finance Bill debate in parliament, Jaitley said that the ITR form will be overhauled and the new form will be finalised soon.
The new format of ITR forms that was recently withdrawn by the government in the wake of complaints over providing details of foreign trips and domestic bank accounts is being revised to make it simpler.
The Central Board of Direct Taxes (CBDT), the apex policy -making body of the I-T department, had recently brought out new ITR forms for the current assessment year, seeking additional details of an assessee as part of measures to check the menace of black money.
Exuding confidence on the overall growth, he said that India can register 8 percent growth this fiscal. “Inflation is under control and fiscal deficit is also under control,” Jaitley said. He, however, added that India’s real potential does not end at 8 per cent growth.
“We have brought only few reforms. Many reforms and expenditures are under pipeline,” Jaitley said.
Stating that higher growth will lead to higher revenues, the Finance Minister said that reduced oil prices have changed the landscape of the economy.
Seeking to contain the adverse fall out of minimum alternate tax (MAT) levy on foreign investors, the Finance Minister said that foreign institutional investors (FIIs) will be exempt from it however there will be no retrospective relief.