After going for simplified Income Tax return forms, the NDA government has made another move to simplify the tax regime in the country.
According to a report in The Hindu, the Income Tax Department will begin a process to transfer all refunds directly to a bank account of the individual's choice.
The move of the government is aimed at simplifying the income tax refund process and reducing errors.
This came after the Narendra Modi government notified new set of Income Tax Return forms for assessment year 2015-16 and also proposed income tax benefits for individuals who make payments through debit and credit cards.
Only the passport number needs to be filled in in the new forms and no details of foreign trips or money incurred thereon need to be mentioned.
The forms were simplified by the Finance Ministry after public outcry over the clause that sought mandatory disclosure of foreign trips and dormant bank accounts. No details of foreign trips need to be disclosed in the new form.
Taxpayers can now file their Income Tax Returns (ITR) till August 31.
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