« Top Headlines » Open DEMAT Account in 24 hrs  Mock Test Papers Series - I & II for Students appearing in CA Foundation January 2027 Examination.  Income Tax Rules 2026: CBDT Introduces Revised Form 161 for Penalty Waiver, Clarifies Misreporting Categories and Taxpayer Relief  ITR Filing and Income Tax Audit Deadline Extended: 5 Critical Things Taxpayers Must Know  Filing Belated ITR for AY 2026-27? Know Which Losses You Can Carry Forward and Which You May Lose  CBDT Extends Tax Audit Report Deadline to October 21, ITR Filing Last Date to November 21 for AY 2026-27  CBDT Extends AY 2026-27 ITR Filing Deadline for Tax-Audit Cases: New Dates and Key Compliance Details  Foreign Assets Missing From Your ITR? Income Tax Department Opens One-Time Disclosure Window  Tax Audit Deadline September 30: Why AIS, TDS and GST Figures May Not Match Your ITR and What Taxpayers Should Do  Tax audit deadline September 30: Common mistakes taxpayers should avoid  Your ITR says ‘verified’, but the refund hasn’t arrived? 5 reasons why your money could be stuck  Missed the ITR Deadline but TDS Refund Is Due? Here’s How You Can Still Claim Your Money «  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.