« Top Headlines » Open DEMAT Account in 24 hrs  ITAT Cuts ?4.85 Lakh Penalty After ?14.02 Lakh Interest Income Was Missed in ITR  ITR filed under old regime, tax calculated under new regime; Delhi ITAT gives taxpayer relief  ITAT Delhi Quashes Tax Notice on AMU PG Student’s ?18.34 Lakh Stipend, Declares It Tax-Free Under Section 10(16)  Advance tax deadline September 15: What happens if you missed the previous instalment payment?  How much gold jewellery can you keep at home? Nagpur ITAT explains rules on ownership, gifts, taxability  ?5.31 lakh TDS refund allowed by ITAT Delhi: Why absence of an original ITR did not block the taxpayer  Missed the ITR Filing Deadline? How to Claim Your Income Tax Refund and Correct Mistakes Before December 31, 2026  GST Return Preparation & ITC Analysis with TallyPrime (Hinglish Session)  GST Return Preparation & ITC Analysis with TallyPrime (Hinglish Session)  GST Return Preparation & ITC Analysis with TallyPrime (Hinglish Session)  Income-Tax Department Moves to Bring Greater Certainty to International Tax Cases «  Govt to come out with clarification on works contract... RBI for restoration of tax benefits to RRBs... » Simplify ITR forms: IMC, BCAS to FM July, 28th 2007 The Indian Merchants Chamber (IMC) and Bombay Chartered Accountants Society (BCAS) has made an appeal to Finance Minister P Chidambaram to simplify the process of filing income tax returns by restoring the Saral forms. In a joint memorandum submitted to the Finance Minister, the associations said the Income Tax (Fourth Amendment) Rules 2007 belied the hopes of the tax paying community, as laymen could not comprehend them easily. The assesses to whom the new Income Return Forms applied were either salaried employees and pensioner or small businessmen, the memorandum said. They were all from the unorganised sector and ill- equipped to fathom the new Income Tax Returns (ITR) complicated forms, it said. "We apprehend that the newly prescribed ITR Forms are bound to cause greater hardship, apart from consuming the precious time and energy of the worthy citizens of the country. In view of this, it is absolutely essential that at least Forms ITR 1 to ITR 4 are made far simpler," the memorandum stated. The last date for filing income tax returns is July 31 for salaried individuals, self-employed, small enterprises with a turnover of less than Rs 40 lakh and professionals with receipts of less than Rs 10 lakh a year.