« Top Headlines » Open DEMAT Account in 24 hrs  New Income Tax Act: ITR forms to be issued prior to FY28, says govt  GSTR-9C Explained: Turnover Limit, Due Date, Statement Format & How to Prepare It in Tally Prime (2025 Update)  Will Income Tax Department release new ITR forms by January 2026? Finance Ministry says this  The Government of India has strengthened MSME protection through strict payment rules, ensuring that Micro & Small Enterprises receive timely payments from buyers. Under the MSME Development Act (MSMED Act), 2006, buyers must make payments within:  ITR Refund Delays in India: Why They Happen & How to FastTrack Your Refund in 2025  ITR Refund Delay: From Bank Errors To Department Checks, 5 Big Reasons Your Refund Gets Stuck  Income Tax Slabs 2025: New Vs Old Regime; Which One Is Better For You For FY2025-26?  Seamless Integration: How Tally Prime Connects Businesses to the Digital Economy  Govt to notify new ITR forms, Income Tax Act 2025 rules by January 2026: CBDT chief  Digital Efficiency for MSMEs: The Tally Prime Advantage  5 Ways Tally Prime Reduces Cost and Boosts Productivity for Startups «  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.