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: ARTICLES ON INPUT TAX CREDIT IN VAT :: TAX RATES - GOODS TAXABLE @ 4% :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: Central Excise rule to resale the machines to a new company :: TDS :: articles on VAT and GST in India :: cpt :: empanelment :: due date for vat payment :: VAT Audit :: VAT RATES :: form 3cd :: ACCOUNTING STANDARD :: list of goods taxed at 4% :: ACCOUNTING STANDARDS
 
 
News Headlines »
 How to file income-tax returns online
 How Income Tax Returns Are Scrutinised
 All About New Income Disclosure Scheme to make Demonetisation successful
 Your deposit may draw income tax notice
 Accepting payment under IDS 2016
 New disclosure scheme could see 50% tax and 4-year limit on cash use for unaccounted deposits
 Pay 50% tax on unaccounted deposits, or 85% if caught, says Modi government
 Deadline to pay property tax in old currency extended
 Cabinet clears amendments to Income Tax Act
 Have you got interest on your income tax refund?
 New income tax rules to curb unaccounted cash

Punjab I-T payers find new forms complicated
May, 25th 2007
Income tax assesses in Punjab are in for a tough time as the latest income tax return forms, introduced as a replacement to 'Saral', are being found much complicated in comparison to the previous one by professionals. 
 
Unlike the previous form, that had only one page and was being used by all kinds of assesses except companies, as per the new requirement each category of assesses has to file different forms. 
 
Each of these forms have a large number of columns and require much more information pertaining to income sources than what was being asked for previously. 
 
As assesses this time have to submit the new forms only according to taxation department's instructions, implementation of the same is likely to prove a tough task. 
 
Jatinder Khurana, president, Taxation Young Lawyers Association said that the new forms require quite detailed information which would be difficult for common man to supply. ``The number of columns is much more and practically assesses, say a salaried person does not keep documents pertaining to all transactions, which he would be required to furnish now. It is going to give assesses a tough time. 
 
The new forms seek details like cash inflow and outflow transactions etc, which, added Khurana, are something a common man does not necessarily keep track of. 
 
Professionals in the field opine that prior to introducing the change; the department should have given assesses some time, at least a year, and also taken steps to generate awareness on this. 
 
P D Sharma, president (Punjab), Apex Chamber of Commerce and Industry said that Saral was quite simple and also resulted in growth in number of taxpayers and tax revenues over the years. 
 
New forms require people to provide cash inflow, outflow information apart from details like particulars of assets and liabilities that stretches to more than 60 columns, particulars of depreciation, stretching to almost 50 columns, details of capital gains, again over 60 columns, etc. Besides, a lot of particulars are asked for related to deductions and exemptions claimed.
 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2016 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Binarysoft Technologies - Careers

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