'Saral' replaced with new form 'ITR-1'

By Staff
|
Google Oneindia News

New Delhi, Apr 28: The government today replaced 'Saral' with a new form 'ITR-1',- pertaining to return of income for individuals having salary and interest income and no other income, with Finance Minister P Chidambaram debunking the replaced form as being "anything but simple".

The Finance Minister was of the view that earlier Form was a case of much ado about nothing and said the really simple form was the one which was being introduced now.

"To be very polite 'Saral' was a euphemism," he said addressing a press conference here.

Mr Chidambaram said ITR-1 has two versions, a two page and a three page form.

He said it was the three page form which was really assessee friendly and would not require any annexures.

Mr Chidambaram said the final decision as to which form will be finally accepted would depend upon the recommendations of the Institute of Chartered Accountants of India(ICAI). The Forms have already been submitted to the Institute for advice.

Mr Chidambaram said even though 'Saral' was a one page form, it was well neigh impossible to fill the form without Annexures which would run into three or four pages.

He said the ultimate objective was to do away with all annexures to enable e-filing of returns.

Mr Chidambaram said last year, the government had introduced a cash flow statement for individuals and HUF taxpayers. However, in response to representations against the cash flow statement, this was being withdrawn. Individuals and HUF taxpayers would now be required to furnish only information with regard to transactions which are reoprted through the Annual Information Returns (AIR), he said.

The 'Saral' form was introduced for Mr Yashwant Sinha, Finance Minister in the NDA regime.

UNI

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