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 Audit :: TAX RATES - GOODS TAXABLE @ 4% :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: due date for vat payment :: ARTICLES ON INPUT TAX CREDIT IN VAT :: Central Excise rule to resale the machines to a new company :: ACCOUNTING STANDARDS :: VAT RATES :: empanelment :: form 3cd :: list of goods taxed at 4% :: ACCOUNTING STANDARD :: cpt :: articles on VAT and GST in India :: TDS
 
 
« News Headlines »
 Did you know? The tax exemption on your HRA
 Income Tax Department expands list of deposits, transactions under scrutiny
  Income-tax Act, 1961 read with Rule 114E of Income-tax Rules, 1962
 Master Directions on Access Criteria for Payment Systems
 RBI-Scheduled Bank's Statement of Position in India as on Friday, January 06, 2017 (Revised)
 3 Big Mistakes To Avoid This Tax Season
 The Top 5 Tax Stories Of 2017
 Are multiple service tax rates in the offing?
 All you need to know about claiming tax break on HRA
 How much income tax you should pay on investments in gold?
  Best ways to save tax in 2017

I-T now takes a less taxing form
May, 16th 2007
The new income-tax return forms came into effect from Tuesday. The government has notified the simplified forms for 2007-08.

The new form for the individual taxpayer is simpler and she will not be required to give a statement on expenditure as envisaged earlier in form 2F that had evoked criticism for seeking a cash-flow statement detailing taxpayers expenditure. The new form does not have annexures and the taxpayer will not be required to file any additional papers or certificates.

However, in a move expected to improve tax compliance, the income-tax department had made it mandatory for individual assessees to report transactions captured in annual information return (AIR). For example, sale or purchase of real estate above Rs 30 lakh is reporterd under AIR by registrars. The new form has a separate column for stating the transactions like sale or purchase of a house over Rs 30 lakh.

This would help the income-tax department in matching the transaction captured under AIR with the taxpayers income-tax return, feel income-tax officials.

Similarly, the income-tax return forms for other taxpayers such as corporates, professionals and charitable organisations have also been simplified. Form ITR 7 meant for charitable and political organisation will have annexures. The new forms were unveiled by finance minister P Chidambaram on April 28.
 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Binarysoft Technologies - Our Vision

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