The Finance Ministry is likely to notify the new income tax return forms for the AY 2016-17 by the first week of April which will be almost similar to the last year’s form. The tax department has been working on simplification of income tax return (ITR) forms since 93 per cent of the taxpayers are filing their returns online.
Sources said that “Current year’s form is likely to be notified by first week of April. The process of simplification is ongoing and efforts will be made to further simplify it in the next year.”
In June, the Department introduced a new form in which the taxpayer was asked to give details such as the IFSC code of the bank and the Adhar card. They were also asked to disclose the total number of savings and current bank accounts held by them at any time during the previous year (excluding dormant accounts).
As per sources, the formula for computing tax on capital gains will be revised by the Department through which the assessee can himself calculate the tax without any outside support.
