Latest Expert Exchange Queries
sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
 
 
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Service Tax | Sales Tax | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Indirect Tax | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing
 
 
 
 
Popular Search: VAT RATES :: articles on VAT and GST in India :: due date for vat payment :: empanelment :: form 3cd :: ACCOUNTING STANDARD :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: TAX RATES - GOODS TAXABLE @ 4% :: cpt :: ARTICLES ON INPUT TAX CREDIT IN VAT :: VAT Audit :: TDS :: list of goods taxed at 4% :: ACCOUNTING STANDARDS :: Central Excise rule to resale the machines to a new company
 
 
News Headlines »
 8 benefits you must know about this tax-saving mutual fund
 10 most important income-tax changes which will apply from April 1
 Delhi: 54 CAs, company secretaries on radar in I-T crackdown against black money
 10 Income Tax Rules That Will Change From April. See Details Herea
 Looking for last-minute tax planning with Section 80C investments? Here's help
 Aadhaar mandatory for filing income tax return
 Will Aadhaar linkage solve India's income tax woes?
 GST roll out from July 1 will make goods cheaper: Jaitley
 Aadhaar To Be Mandatory For Filing Income Tax Return, PAN Application
 7 best tax-saving solutions which can help you save money
  No proposal to replace Income Tax with Banking Cash Transaction Tax

Income tax return forms for 2016-17 likely to be notified by early April
March, 26th 2016

The finance ministry is likely to notify by first week of April new income tax return forms for assessment year 2016-17 which will more or less be similar to the one that was filed by taxpayers last year.

As many as 93% of all individual taxpayers filed income tax returns online and the tax department has been working on simplification of the income tax return (ITR) forms.

According to people familiar with the matter, the tax department has been working on further simplification of ITR forms and the current year’s form will substantially be the same as that of last year’s.

“Current year’s form is likely to be notified by first week of April. The process of simplification is ongoing and efforts will be made to further simplify it in the next year,” a person with knowledge of the matter said.

The people said the tax department is likely to come out with a revised formula for computation of capital gains tax on sale of assets. The effort would be to help such taxpayer calculate tax liability without any outside support.

The income tax department had in June last year came out with a simplified tax return form for salaried people. Taxpayers were asked to disclose the total number of savings and current bank accounts held by them at any time during the previous year (excluding dormant accounts).

The form also had space to fill up the IFSC code of the bank and taxpayers were given an option to indicate their bank accounts in which they would want their refund credited. The ITR had also sought the Aadhaar number of taxpayers.

The tax department had come out with simplified ITR after experts raised objections to the initial 14-page form. The earlier forms sought details of bank accounts and foreign visits and following a controversy, the revenue department announced putting those forms on hold.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Bath SEO Company Birmingham SEO Company Bradford SEO Company Brighton and Hove SEO Company Bristol SEO Company Cambridge SEO Company Canterbury SEO Company Carlisle SEO Company Chester SEO Company Chichester SEO Company Coventry SEO Compan

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions