Income tax assesses in Punjab are in for a tough time as the latest income tax return forms, introduced as a replacement to 'Saral', are being found much complicated in comparison to the previous one by professionals.
Unlike the previous form, that had only one page and was being used by all kinds of assesses except companies, as per the new requirement each category of assesses has to file different forms.
Each of these forms have a large number of columns and require much more information pertaining to income sources than what was being asked for previously.
As assesses this time have to submit the new forms only according to taxation department's instructions, implementation of the same is likely to prove a tough task.
Jatinder Khurana, president, Taxation Young Lawyers Association said that the new forms require quite detailed information which would be difficult for common man to supply. ``The number of columns is much more and practically assesses, say a salaried person does not keep documents pertaining to all transactions, which he would be required to furnish now. It is going to give assesses a tough time.
The new forms seek details like cash inflow and outflow transactions etc, which, added Khurana, are something a common man does not necessarily keep track of.
Professionals in the field opine that prior to introducing the change; the department should have given assesses some time, at least a year, and also taken steps to generate awareness on this.
P D Sharma, president (Punjab), Apex Chamber of Commerce and Industry said that Saral was quite simple and also resulted in growth in number of taxpayers and tax revenues over the years.
New forms require people to provide cash inflow, outflow information apart from details like particulars of assets and liabilities that stretches to more than 60 columns, particulars of depreciation, stretching to almost 50 columns, details of capital gains, again over 60 columns, etc. Besides, a lot of particulars are asked for related to deductions and exemptions claimed.
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