« Top Headlines » Open DEMAT Account in 24 hrs  Delhi HC Rules GST Registration Cannot Be Cancelled Retrospectively Without a Clear Show Cause Notice (SCN)  Belated income tax return AY 2026-27: How to file, late filing charges and what you may lose  Major Financial Changes from August 1, 2026: ITR Deadline, RBI MPC Meeting, Tatkal Ticket Rules & More  Government proposes to ease tax relief conditions for offshore funds  TallyPrime Connected Banking: Automating Banking and Accounting  ITR Filing Deadline 2026: Is July 31 the Last Date to File Your Income Tax Return? Latest Official Update  ITR filing deadline nears: How to file income tax return online on e-filing portal - quick 15-step guide  Will the ITR Filing Deadline Be Extended Beyond July 31 for FY 2025-26? Here's the Latest Update for Taxpayers  Income Tax Refund Delayed for AY 2026-27? 5 Common Reasons Your Refund May Be Stuck and How to Fix It  ITR Filing 2026: FM Nirmala Sitharaman Asks Tax Officials to Let Honest Taxpayers Correct Genuine Mistakes  Will Your FCNR Deposit Stay Tax-Free After Returning to India? Tax Rules Explained for NRIs «  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.