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 :: cpt :: TAX RATES - GOODS TAXABLE @ 4% :: ARTICLES ON INPUT TAX CREDIT IN VAT :: ACCOUNTING STANDARD :: Central Excise rule to resale the machines to a new company :: articles on VAT and GST in India :: empanelment :: due date for vat payment :: list of goods taxed at 4% :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: form 3cd :: ACCOUNTING STANDARDS :: TDS :: VAT Audit
 
 
« Direct Tax »
 Income tax returns: How to calculate income from house property
 CBDT proposes new accounting standards for real estate firms
 1 lakh entities face I-T action as ‘clean money’ drive gains pace
 Here are 4 things to know about how CBDT improves ease of doing business by issuing PAN and TAN within 1 day
 Online platforms make tax filing easy, help fill details automatically
 Delhi HC refuses to stay tax case against Young Indian
 CBDT issues draft ICDS on real estate
 CBDT chairman Sushil Chandra gets one-year extensiona
 Income-tax (9th Amendment) Rules, 2017? - Amendment of Income-tax Rules, 1962 - Prescribing form & manner of exercise of option by the domestic company for the purposes of section 115BA of the Income-tax Act, 1961-reg
 CBDT issues draft rules for valuation of unquoted shares
 Central Board of Direct Taxes releases rules to compute fair market valuation of unlisted shares

New Income Tax Return forms: Special team to re-draft format after criticism
April, 28th 2015

The new format of Income Tax Return (ITR) forms that was withdrawn by the government in the wake of complaints over providing details of foreign trips and domestic bank accounts is being revised to make it simpler.

"The new ITR format has been put into revision and it is on the drawing board again. A special team of officials from the CBDT is working on it in consultation with the Income Tax and Revenue department officials," a senior official privy to the development said on Monday.

The official said the new and simplified ITR forms are expected to be notified "soon" after it is cleared by the Finance Ministry so that taxpayers can file their returns soon.
New Income Tax Return forms: Special team to re-draft format after criticism

The new format of Income Tax Return forms that was withdrawn by the government in the wake of complaints over providing details of foreign trips and domestic bank accounts is being revised to make it simpler.

"May be, the entire column asking details on foreign travels could be taken off as this information can be obtained by the taxman, in suspect cases, through other means. The broad contours of the new format of the ITR are being discussed," the official said.

The Central Board of Direct Taxes (CBDT), the apex policy -making body of the I-T department, had recently brought out new ITR forms for the current assessment year, seeking additional details of as assessee as part of measures to check the menace of black money.

As it stands, the new ITR forms, including the ITR-1 and ITR-2, required an assessee to furnish the number of bank accounts held by the individual "at any time (including opened/closed) during the previous year" with the last balance in the account as on March 31 of the just-concluded fiscal.

The assessee was also supposed to furnish the name of the bank, account number, address, IFSC code and any joint account holder's name.

With regard to a taxpayers' foreign travel, the ITR forms had also sought details of the assessee's passport number, its place of issuance, countries visited, number of times such visits were made and expenses incurred in case of a resident taxpayer.

These were in addition to the tax department last year making it mandatory for taxpayers to mention details of all assets they hold in a foreign soil as well as the income from any source outside India.

A few days after the earlier notification, Revenue Secretary Shaktikanta Das had said that the government will reconsider the new ITR forms to make it simple.
Finance Minister Arun Jaitley had also called him up from Washington, asking him not to proceed further on the matter.

Experts and consultants had criticised the new forms, saying the government was seeking too much data. They felt that the addition of new information would make the process of filing returns difficult.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Binarysoft Technologies - We Bring IT. Offshore software outsourcing company. We use Global Delivery Model (GDM) and believe in Follow The Sun principle

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