Centre may review new I-T forms

A day after coming up with a new set of I-T return forms, the Centre has now decided to review them. The volley of criticism against mandatory disclosure of a host of information including foreign trips and all bank accounts in and outside India seems to have prompted the review. Finance Minister Arun Jaitley – who is in Washington for the annual spring meetings of the World Bank and IMF – has reportedly spoken to Revenue Secretary Shaktikanta Das directing the review. The new forms – notified on Friday – had sparked outrage among taxpayers as the norms were applicable for financial year 2014-15 itself.