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: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: TAX RATES - GOODS TAXABLE @ 4% :: Central Excise rule to resale the machines to a new company :: ARTICLES ON INPUT TAX CREDIT IN VAT :: form 3cd :: ACCOUNTING STANDARD :: articles on VAT and GST in India :: ACCOUNTING STANDARDS :: VAT RATES :: TDS :: VAT Audit :: empanelment :: cpt :: due date for vat payment :: list of goods taxed at 4%
« News Headlines »
 CBDT releases Income Tax Return statistics for last two fiscals
 CBDT issues second round of Certificates of Appreciation to tax payers for their contribution towards Nation building
 FinMin looks at cut in corporation tax
 Draft Rules for prescribing the method of valuation of fair market value in respect of the trust or the institution-Chapter XII-EB of the Income-tax Act, 1961- reg.
 India is moving towards a flawed GST
 ICAI to organise two-day international conference in Hyderabad
 Here's how to calculate tax payable on your capital gains
 Income Tax calculations for the financial year 2016-17
 CPE Events 17 October - 22 October 2016
 High Court raps I-T Department for wrong tax demand
  CBDT signs 5 advance pricing pacts with Indian taxpayers

Taxmen will seek more info next year
August, 02nd 2007

The income tax (I-T) department wants to know more about your income, as it finds it difficult to gloss over ones earning details in the new tax forms.

On Tuesday, among the tax payers queuing up to submit I-T returns, the over-riding comment was, therefore, to keep themselves better prepared next year with the full details of their incomes. For this year, many assesses are hoping that the department will stick to its promise of accepting the returns at face value, announced by the finance ministry last week.

July 31 was the last date to fill in the tax returns for individuals and non-corporate assesses. The I-T department said about 1.46 crore assesses should be filing returns this year, an increase of about 16% over last years figures. Tax payers say it was a tough call to shift from the one-page Saral, the basic tax return form, to ITRs, introduced this year. This is especially, so for, the ITR-4 form, the form meant for individuals and hindu undivided family (HUF), with income from proprietary business or self-employed professionals.

While ITR-1, which is meant for individuals with incomes only from salaries, pension and interests, is the simplest of all, the six-page ITR- 2 needs details of all the shares and mutual funds one has invested in, along with sources of rental incomes. This can be tricky when a house is not self-occupied and has not been put out on rent, as one will have to work out a notional value of rent for the property.

The department has said the detailed forms are actually quite simple and computer-friendly, which made it easy for the department to mine the information later. The 20-page form requires assesses to fill in their profit and loss and balance sheet statements. For many self-employed individuals, it means starting from scratch, as they have to prepare a balance sheet for filling the form.

This is not all. Since assesses who have spent more than Rs 2 lakh on their credit card have to put in details of transaction carried out in the last fiscal, those who have used a corporate account credit card, are worried about visits from the tax men.

Vimal Jain (name changed on request), a middle rung executive said, I have spent about Rs 7 lakh on my corporate account credit card, which is much above my income for entertaining for business purposes. There is a lack of clarity on this in the form and my CA said I will have to fill in all transactions on the card.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2016 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Web Application Development Web based Software Solution Web Application Deployment Web Application Solutions Web Application Software Development Web Application Deployment Web Application Programming Web Application Design and Development

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