Foreign travel disclosure: Jaitley to meet business chambers tomorrow on new I-T rules

Finance Minister Arun Jaitley is likely to meet business chambers tomorrow to get their views on new income tax returns form, after the government faced flak over it seeking details on bank accounts and foreign travel.

The minister would meet representatives from CII, Ficci and Assocham tomorrow to elicit their views on new ITR forms, sources said.

Earlier this week, Jaitley held a meeting with tax officials on the new Income Tax Return (ITR) forms that have evoked sharp reactions from experts and others alike.

Sources said the minister wants to hear stakeholders before finalising changes in the new forms to make it simpler.

The Central Board of Direct Taxes (CBDT), the apex policy -making body of the Income Tax department, 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.

The assessee will also have to furnish the name of the bank, account number, address, IFSC code and any possible joint account holder's name.

On Saturday, Revenue Secretary Shaktikanta Das had said the government will reconsider the new ITR forms to make it simple. Jaitley had called him up from Washington, asking him not to proceed further on the matter.

Experts and consultants have criticised the new forms, saying the government was seeking too much of data. They felt that the addition of new information would make the process of filing returns difficult.