New forms for I-T returns for Assessment Year 2013-14.

New forms for filing of income tax returns for the assessment year 2013-14 are proposed to be notified by the end of this month.

"The new forms for filing the income tax returns for the assessment year 2013-14 are proposed to be notified by the end of March, 2013," Minister of State for Finance S S Palanimanickam said in a written reply to the Lok Sabha.

"Every year, the government notifies forms for filing of income-tax returns after incorporating changes brought out by the Finance Act of the previous year and the suggestions received from stakeholders," he added.

Replying to a separate question, the Minister said Rs. 97,611 crore in direct taxes and Rs. 1,08,081.08 crore in indirect taxes are locked up in litigation.

On steps taken by the Central Board of Direct Taxes (CBDT) to minimise litigation time to ensure early release of the locked-up amount, Mr Palanimanickam said: "In order to facilitate early disposal of appeals pending with ITAT (Income Tax Appellate Tribunal), High Courts and Supreme Court, instructions have been issued to ensure proper and timely representation."

Replying to a separate question, Mr Palanimanickam informed Lok Sabha that in the searches conducted by the Income Tax department in 2012-13 (up to December 30) seized unexplained assets of Rs. 543.5 crore.

In 2011-12 the department had seized unexplained assets of Rs. 905.60 crore, while in the previous fiscal year that of Rs. 774.98 crore were seized, he said.

Source: NDTV