Latest Expert Exchange Queries

Make your inventory and invoicing software GST Ready from Binarysoft info@binarysoft.com
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 :: articles on VAT and GST in India :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: due date for vat payment :: cpt :: TDS :: VAT Audit :: TAX RATES - GOODS TAXABLE @ 4% :: VAT RATES :: ARTICLES ON INPUT TAX CREDIT IN VAT :: form 3cd :: empanelment :: ACCOUNTING STANDARDS :: list of goods taxed at 4% :: Central Excise rule to resale the machines to a new company
 
 
News Headlines »
 Income-tax (21st Amendment) Rules, 2017
 Deadline for filing income tax return nears; here are 10 common mistakes that you must avoid
 All you need to know about form 26AS
 How to file income tax return?
 7 changes that affect income tax return filing this year
 How To File Income Tax Return (ITR) Online For FY2016-17? Last Date July 31
 Last date for filing income tax return approaches: What is Form 26AS? How it can help you claim refunds
 Income Tax department to launch mobile app to make life easy for taxpayers
 6 things to remember while filing your income tax return
 Want to save on tax? Here are deductions you can use while filing ITR
 July 31 Is Last Date For Filing Tax Return. Why Form 26AS Has To Be Checked

New income-tax return forms to be far more simplified, assures Finance Minister Arun Jaitley
May, 18th 2015

The controversial new income tax return forms, which had been put on hold, will be "far more simplified", Finance Minister Arun Jaitley said today, but kept the suspense on if the requirement of disclosing all bank accounts and foreign travels will be retained.

He said after having public consultations, he has asked the income tax department to come up with the simplest form, which is available.

"They (CBDT) are coming out with a proposal. Now that I am free from Parliament, they will put up before me," he told in an interview when asked whether the number of pages of the forms will be cut down from thirteen and a half.

Asked whether the queries on foreign travel and bank accounts, considered by many as intrusive, would be dropped in the revised form, the Minister said: "You wait, but I can only tell you it will be far more simplified".

He seemed to suggest that the questions about foreign travel and all bank accounts would be limited to a section of tax assessees.

"... As far as 8 or 9 out of 10 tax payers are involved, their form has to be very simple...There are various kinds of details, which are to be filled up may be absolutely redundant for them," Jaitley said in reply to a question on the queries in the forms that triggered a controversy.

The simplified I-T return form is being brought after the earlier version was opposed by industry, MPs and assessees for its cumbersome disclosure norms.

"I am in favour of the easing. This was twelve or twelve and a half page form, which has existed. Three or four more questions were added...So it became thirteen and a half pages.

"I was in Washington when I came to know of this. I immediately called up and said stop it because to me whether it was twelve and a half or thirteen and a half, both seem a little excessive," Jaitley said.

The salaried individuals and those persons who do not have business/professional income are required to file income tax returns in either ITR-1 or ITR-2 by July 31.

Following the controversy over the new ITR forms, which sought details of bank accounts and foreign visits, the revenue department announced putting them on hold.

The ITR forms, which was notified last month by the CBDT for the current assessment year, had specific columns for banks accounts, IFSC Code, names of joint account holders and foreign visits, including the ones paid by the companies.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Software Work Flow Workflow Software Software Automation Workflow automation Software Design Workflow Design Business Work Flow Workflow automation tools

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