« Top Headlines » Open DEMAT Account in 24 hrs  Income Tax Return Filing: 10 Mistakes To Avoid When Filing ITR For AY 2024-25  Old vs New Tax Regime: Who should move to the New Tax Regime from the old one?  Income Tax Calculator FY 2023-24: How To Know Your Tax Liability Online On IT Dept's Portal?  BackBack Income Tax Act amendment on cards on tax treatment of MSME dues  ITR-1, ITR-2, ITR-4 forms for FY 2023-24 available for e-filing. Check details here  Income tax slabs FY 2024-25: Experts share these 8 benefits for taxpayers in new income tax regime  How To File ITR Online - Step by Step Guide to Efile Income Tax Return, FY 2023-24 (AY 2024-25)  Old or new tax regime for TDS on salary? This post-election 2024 event will impact your tax planning  What Are 5 Heads Of Income Tax?  Income Tax Dept releases interim action plan for FY25 on tax collection, refund approvals   Income Tax Return: 5 lesser-known tax-saving tips from Section 80 «  TRPs to help you in filing I-T returns... Direct tax mop-up zooms 50% in 5 months to Rs 43k cr... » Secy panel slams new Saral form September, 07th 2006 Taking cognisance of the widespread criticism of the finance ministrys decision to introduce a complex, multi-page tax returns form to replace the single-page Saral, a committee of secretaries has criticised the new format and suggested some major changes. The committee, headed by Cabinet secretary BK Chaturvedi, has picked several holes in the new version of the form, and, among other things, recommended the withdrawal of a controversial clause requiring tax payers to provide a detailed cash-flow statement. A note prepared by the committee says, Schedule 5 of the form should be revised by obtaining information relating to exempted income, gifts, loans, etc instead of the detailed cash-flow statement. The note has been forwarded to the Prime Ministers Office. The committee was entrusted with the task of examining the issue following the popular outcry against the new form. Besides coming under attack from the public, the revenue department was also taken to task by the Congress for going ahead with the switchover. The committee favours a more compact form by omitting the detailed calculation procedure, and has recommended that a sample calculation sheet should be distributed along with the main form. This would enable tax payers to incorporate the relevant information without any unnecessary complications. The returns form, the committee noted, should avoid any resemblance to a balance sheet where tax payers are required to enter details of each and every source of income and their expenses at the beginning and end of each financial year. The committee members felt that people are generally wary of parting with such information, and suggested that the department could instead seek information only about transactions that are above a certain amount. The committees recommendations are likely to add to the pressure on the revenue department to withdraw the new form altogether, and come out with a revised one. The department has, much to its dismay, discovered that its new proposal has few takers across the country.