Government to modify new income tax return forms

Share
Government
today said it has decided to “modify” the new Income Tax Return (ITR)
forms in wake of concerns raised over them.
The
Income Tax department had notified new income tax return forms on April 15. In
the new ITR-2, Finance Minister Arun Jaitley said, the information relating to
foreign travel which has been sought to be captured is as per the
recommendation of Special Investigation Team on Black Money constituted as per
directions of the Supreme Court. 


Such
information can help in developing risk profiles for detection of evasion of
tax, he said in the written reply to the Rajya Sabha, adding that these details
are not required in ITR-1 or ITR-4S which is filed by majority of individual
taxpayers.
“The
government has received representation on the new return forms notified on
April 15, 2015 and taking into account concerns raised, the government has
decided to modify the return forms,” Jaitley said. ITR-1 (SAHAJ) is for
individuals having income from salary/one house property/income from other
sources. ITR-2 is for individuals and HUFs not having business/professional
income. ITR-4S is for individuals/HUFs deriving business income and such income
is computed in accordance with special provisions (44AD and 44AE).
The
Finance Minister also said the government has constantly endeavored to make the
ITR filing procedure simple and hassle free with the introduction of
electronically filed ITR forms in 2006-07. The process of electronic filing has
been made simpler over the years, he added.
As a
result, during 2014-15, 3.41 Crore returns were filed electronically which
constituted 87 per cent of the all the returns filed in the fiscal. The
government has also provided free ITR preparation software with the facility of
pre-filled tax payment and tax deduction columns in the ITR to avoid data entry
and mistakes.

RECOMMENDED READ  New options for saving capital gains tax

Leave a Reply

Written by

Optimization WordPress Plugins & Solutions by W3 EDGE
%d bloggers like this: