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: ACCOUNTING STANDARD :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: ARTICLES ON INPUT TAX CREDIT IN VAT :: form 3cd :: VAT Audit :: due date for vat payment :: TAX RATES - GOODS TAXABLE @ 4% :: Central Excise rule to resale the machines to a new company :: ACCOUNTING STANDARDS :: empanelment :: VAT RATES :: list of goods taxed at 4% :: articles on VAT and GST in India :: cpt :: TDS
 
 
News Headlines »
 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
 Your deposit may draw income tax notice

Government to modify new income tax return forms
May, 13th 2015

Government today said it has decided to "modify" the new Income Tax Return (ITR) forms in wake of concerns raised over them.

The Income Tax department had notified new income tax return forms on April 15.

In the new ITR-2, Finance Minister Arun Jaitley said, the information relating to foreign travel which has been sought to be captured is as per the recommendation of Special Investigation Team on Black Money constituted as per directions of the Supreme Court.

Such information can help in developing risk profiles for detection of evasion of tax, he said in the written reply to the Rajya Sabha, adding that these details are not required in ITR-1 or ITR-4S which is filed by majority of individual taxpayers.

"The government has received representation on the new return forms notified on April 15, 2015 and taking into account concerns raised, the government has decided to modify the return forms," Jaitley said.

ITR-1 (SAHAJ) is for individuals having income from salary/one house property/income from other sources. ITR-2 is for individuals and HUFs not having business/professional income. ITR-4S is for individuals/HUFs deriving business income and such income is computed in accordance with special provisions (44AD and 44AE).

The Finance Minister also said the government has constantly endeavoured to make the ITR filing procedure simple and hassle free with the introduction of electronically filed ITR forms in 2006-07.

The process of electronic filing has been made simpler over the years, he added.

As a result, during 2014-15, 3.41 crore returns were filed electronically which constituted 87 per cent of the all the returns filed in the fiscal.

The government has also provided free ITR preparation software with the facility of pre-filled tax payment and tax deduction columns in the ITR to avoid data entry and mistakes.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2016 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Quality Assurance Services Testing and Re-testing

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