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: form 3cd :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: ARTICLES ON INPUT TAX CREDIT IN VAT :: VAT RATES :: ACCOUNTING STANDARDS :: due date for vat payment :: Central Excise rule to resale the machines to a new company :: empanelment :: list of goods taxed at 4% :: ACCOUNTING STANDARD :: articles on VAT and GST in India :: TDS :: VAT Audit :: cpt :: TAX RATES - GOODS TAXABLE @ 4%
 
 
« News Headlines »
 Directions under section 119 of the Income-tax Act, 1961
 Securities excluded from GST ambit in revised Bill
 GST dilemma: Hope fades for new tax regime
 5nance.com launches tax investment platform
 Is government tapping your phone?
 Income tax department to use analytics to look for discrepancies in bank accounts
 GST Council fails to break deadlock over indirect tax regime, next meet on Dec 11 and 12 to hammer out differences
 Invoking Writ Jurisdiction For Income Tax Matters
 How to file income-tax returns online
 How Income Tax Returns Are Scrutinised
 All About New Income Disclosure Scheme to make Demonetisation successful

'Saral'! I-T returns form simplified
April, 30th 2007

Taxpayers can heave a sigh of relief. The Finance Ministry has decided to introduce a simpler income-tax returns form for assessment year 2007-08, in place of last years Form 2F which left many annoyed as it sought details of personal expenditure.

We have decided to withdraw the cash flow statement after receiving various representations from public and Standing Committee, finance minister P Chidambaram said while announcing the launch of the new forms. The Parliamentary Standing Committee on finance had hit hard at form 2F, terming it cumbersome and lengthy and asked the government to stick to the previous form, Saral.

Mr Chidambaram, however said, the one page form Saral was not very friendly to taxpayers and calling it saral was euphemism as it had to be accompanied with number of annexures. However, he said individual assessees would have to report transaction, which are captured in Annual Information Return. For example, sale or purchase of house above Rs 30 lakh is reported under AIR by registrars. Now, in the new form, which has a separate column for stating these transactions, any individual who has bought or sold a house over Rs 30 lakh, will have to mention it in his income-tax return.

This would help the income-tax department in matching the transaction captured under AIR with tax payers income tax return. The new series of forms would be in ITR series. The ITR 1 and 2 would replace the return forms for individuals like Form 2, 2D, 2 F and 16AA. The ITR3 would replace Form 3, ITR4 would replace Form 2, ITR5 would replace From2, ITR6 would replace Form 1, ITR7 would replace Form 3A and ITR8 would replace 3B.

Mr Chidambaram said the new forms would be annexure less and amenable to e-filing. Only return form ITR 7 which is for charitable and political organisation will have annexures. The government would also seek comments from Institute of Chartered Accountants of India before notifying them on May 14.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2016 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Binarysoft Technologies - Our Mission

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