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

Not all tax experts expect filing I-T returns to be saral
July, 28th 2006

The recently introduced new income tax return forms for non-corporate assessees, businessmen and professionals, which require them to provide details of outgoings in addition to income could help them explain their investments and avoid intrusive probe by tax sleuths, according to some tax experts.
Some others, however, felt that since copy of the balancesheet was anyway attached to the Form 2D and the new stipulation that the very same should be filled in Form 2 was redundant.

RN Lakhotia, senior tax consultant, said, The new Form 2 for professionals and businessmen includes a schedule for cash flow statement, which is not there with Form 2D. In addition, Form 3B for filing fringe benefit tax is integrated into Form 2.

As for corporate assessees, the new 26-page Form 1 is an attempt to merge all details to be furnished with the tax department in one elaborate form.

The form is too detailed and some companies will have a problem with it, said Sanjiv Chaudhuri, partner, RSM & Co. The details to be given in the form include opening stocks, purchases, profit and loss account etc.

Whatever information being given in tax audit report is also asked for, besides quarter-wise computation of fringe benefit tax. Agreeing with the rationale behind the move, Chaudhuri said that the form would help the taxman as all relevant information would be captured in computer-friendly format.

The Central Board of Direct Taxes (CBDT) on Monday notified the new return Form No 1 for corporate taxpayers, Form No 2 for non-corporate tax payers having business income, Form No 3 for non-corporate tax payers not having business income and Form No 3B for fringe benefits.

The new Form 1, 2 and 3 substituted the existing Form No 1, 2 and 3 with immediate effect.

The CBDT had said that the new forms were comprehensively designed, so as to do away with all kinds of attachments and facilitate electronic filing. The CBDT had consulted the Institute of Chartered Accountants of India and taken into account their suggestions in designing the forms.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2016 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Enterprise Resource Planning Solutions ERP Solutions Enterprise Resource Planning Software Solutions ERP Software Solutions Supply Chain Management Solutions SCM Solutions Supply Chain Management Software Solutions SCM Software Solutions Enterprise Resource Planning Solutions India ERP Solutions India Enterprise Resource Planning Software Solutions India ERP Software Solutions India Supply Chain Management Solutions India SCM Solutions India Supply Chain Management Software Solutions India SCM Software Solutions India

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