Credit card, share details requisite on new ITR form
July, 26th 2007
As the last date for filing income tax returns approaches near, the rush to fill new ITR forms is building up. And so is the confusion among tax payers who do not find the new tax form an easy deal.
Last year, when the Income Tax department introduced the new IT Return, Form 2F, it was immediately given the thumbs down by tax experts and taxpayers alike. The form had required individuals to furnish complicated cash flow details.
This year, the Income Tax Department has re-introduced the forms which does not asks for cash flow details unlike the previous forms. You also need not submit a Form 16 while filing your returns. Instead the relevant information from form 16 need to be directly filled in to the form.
There are though a host of new information that needs to be furnished. As per Income Tax rules these are:
Cash deposits aggregating to Rs 10 lakh or more in a year in any bank savings account
Credit card bill payments over Rs 2 lakh
Investment of Rs 2 lakh rupees or more in mutual funds or shares
Purchase or shares worth over Rs 1 lakh
Purchase or sale of immovable property valued at Rs 30 lakh or more
So is this form much more complicated than the old Saral form?
Form number one is a simple form but it has very limited applicability. It is meant only for persons who have salary income and interest income. As soon as any other income goes on increasing, the form keeps getting more and more complicated, says tax expert Ravi Gupta.
Taxpayers can however take heart from the fact that this time one can avoid the long queues by just filing your returns online.
So filing your taxes may have become simpler, but even tax experts are adopting a wait and watch policy before they comment on how easy the process finally will turn out to be!