14 Page long ITR Form may come down to 2-3 pages
Posted Date : 04-May-2015 , 10:34:09 pm | Posted By CASANSAAR
The new Income Tax Return form (ITR Form) may only need the average taxpayer to fill out 2-3 pages, sources told NDTV.
Those who want to file further disclosures regarding additional income from various sources or details of expenditures incurred will have to file specific pages for each category...
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Extremely simplified ITR Forms Soon: FM
Posted Date : 01-May-2015 , 08:09:03 am | Posted By CASANSAAR
An "extremely simplified" income tax return form will soon replace the controversial 14-page ITR (income tax return) that sought information like all bank accounts and foreign trip details, Finance Minister Arun Jaitley announced in the Lok Sabha on Thursday.
"I am having the entir...
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ITR |
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New ITR Forms - Special team to re-draft format after criticism
Posted Date : 28-Apr-2015 , 08:15:10 am | Posted By CASANSAAR
The new format of Income Tax Return (ITR) forms that was withdrawn by the government in the wake of complaints over providing details of foreign trips and domestic bank accounts is being revised to make it simpler.
"The new ITR format has been put into revision and it is on the drawing boa...
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New ITR forms might be split
Posted Date : 25-Apr-2015 , 09:02:56 am | Posted By CASANSAAR
The government has indicated that it might simplify the new ITR forms for filing income tax returns by breaking it up into parts so that not everyone has to grapple with complexity.
Instead of one big form with many columns, the revised version might have annexures that only those who need to dec...
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ITR - Check your new Income Tax assessment range before filing returns
Posted Date : 23-Apr-2015 , 08:46:37 am | Posted By CASANSAAR
With income tax returns (ITR) filing season commencing soon, taxpayers have been advised to re-check their newassessment ranges as the Income Tax department has carried out a large-scale restructuring and jurisdictional change of its offices country-wide.
“Taxpayers ar...
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FM to meet tax officials to keep ITR forms simple
Posted Date : 22-Apr-2015 , 08:56:59 am | Posted By CASANSAAR
Facing criticism over the new ITR forms that seek details on bank accounts and foreign travel, Finance Minister Arun Jaitley will hold another round of meeting with officials to simplify the procedure.
Soon after his trip from Washington yesterday, Jaitley had held a meeting with tax officials on...
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ITR |
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New ITR forms for AY 2015-16 are on hold for now
Posted Date : 20-Apr-2015 , 08:21:33 am | Posted By CASANSAAR
The new ITR forms for AY 2015-16, requiring stringent disclosures, are on the hold for now.
But as the government intensifies fight against black money and adopts global standards, taxpayers will have to begin spring cleaning of their finances and financial records to avoid being on the wron...
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ITR |
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New ITR forms to be reconsidered and simplified - FM
Posted Date : 18-Apr-2015 , 06:43:30 pm | Posted By CASANSAAR
The Finance Ministry on Saturday said the new income tax return (ITR) form will be reconsidered and simplified.
Meanwhile, the Central Board of Direct Taxes, the apex policy making body of the Income Tax department, has notified new Income Tax Return (ITR) forms for the current assessment year, m...
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ITR filing now is a cakewalk for Aadhar card holders
Posted Date : 18-Apr-2015 , 08:50:16 am | Posted By CASANSAAR
Now, the Aadhar Card holders need not to file income-tax returns physically. New ITR forms will link to Aadhar card and do away with the physical ITR-5 for those who are Aadhar-verified by the Electronic Verification Certification (EVC) system.
The Central Board of Direct Taxes (CBDT)...
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Taxpayers will need to disclose all their bank accounts
Posted Date : 18-Apr-2015 , 08:39:37 am | Posted By CASANSAAR
Taxpayers will now have to disclose all bank accounts held by them in India and details of their foreign travel in their income-tax returns (ITR) as the tax department moves to check black money both domestically and abroad.
Taxpayers will have to declare income accruing from foreign assets ...
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New ITR Forms and e-Filing requirements for A.Y. 2015-16
Posted Date : 18-Apr-2015 , 08:33:49 am | Posted By CASANSAAR
New ITR Forms and e-Filing requirements for A.Y. 2015-16.
I. Introduction to New Rule 12
The CBDT has notified amendment to Rule 12 of the Income-tax Rules which shall be applicable for the assessment year 2015-16.
Till assessment year 2014-15, individuals or HUFs, who were otherwise no...
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ITR 1, ITR 2 & ITR 4S for A.Y.2015-16 released by CBDT
Posted Date : 16-Apr-2015 , 07:08:39 pm | Posted By CASANSAAR
S.O. 1014 (E).─ In exercise of the powers conferred by section 295 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following rules further to amend the Income-tax Rules, 1962, namely:-
1. (1) These rules may be called the Income-tax (Seventh Amen...
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Why Taxpayers May Not Have to Send Paper Acknowledgement for ITR
Posted Date : 24-Mar-2015 , 09:20:23 pm | Posted By CASANSAAR
Taxpayers in India will soon get relief from sending a paper acknowledgement of their e-filed ITR as Income Tax department is set to introduce a new customer verification system for the task by sending One Time Passwords, validating net banking identity and enrolling Aadhaar number in the returns fo...
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Income Tax Return: Better late than never
Posted Date : 24-Mar-2015 , 08:12:59 am | Posted By CASANSAAR
If you are yet to file income-tax return for the previous financial year (FY14/assessment year 2014-15), you still have a chance to do so by March 31. However, if you miss this deadline as well, the tax authorities could impose a fine of R5,000 ...
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ITR |
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ITR - File by March end to avoid penalty
Posted Date : 10-Mar-2015 , 08:11:34 am | Posted By CASANSAAR
Did busy office hours leave you with no time to file your tax returns(ITR) by the July 2014 deadline? Did the heavy July rains stopped you from meeting your chartered accountant? Festivals and weekends travels disrupted your plans to file it on the last weekend too? You still have a breath...
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ITR-Over 44-lakh high-value spenders on Income Tax department's radar
Posted Date : 04-Mar-2015 , 08:53:23 am | Posted By CASANSAAR
In order to mop up a larger share of revenue before the end of the current financial year, the Income Tax department has identified over 44 lakh high-value spenders in the country who have not filed their ITR till now. A total of 44,07,193 non-filers for assessment year 2013-14 who are expected...
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