Key changes in new income-tax return forms Every year CBDT notifies new Income-Tax Return (ITR) forms. However, in the recent past CBDT had notified ITR forms a bit late causing inconvenience to various tax practitioner and taxpayers in filing ITRs within prescribed time. Thus, we have witnessed a spate of writ petitions in the various High Courts for extension of due date of filing return. The Delhi High Court in case of Avinash Gupta v. Union of India [2015] 63 taxmann.com 121 (Delhi) criticized the Government for its delay in notifying ITR forms every year. The Delhi High Court made following remarks: There appears to be no justification for delay beyond the assessment year in prescribing the ITR forms. Accordingly, the respondents are directed to, with effect from the next assessment year, at least ensure that the ITR form should be available as on 1st April of the assessment year unless there is a valid reason therefor. Thus, considering such suggestion of the High Court the Government has now notified the ITR forms, namely, ITR-1, ITR-2, ITR-2A, ITR-3, ITR-4, ITR-4S, ITR-5, ITR-6 and ITR-7 on March 31, 2016. The Finance Act, 2015 abolished the wealth-tax. Thus, taxpayers are no longer required to file returns of wealth tax from assessment year 2016-17 onwards. However, the Hon'ble Finance Minister in his budget speech had announced that information which was to furnished in wealth tax return will now form part of ITR. Thus, in new ITR forms, namely, ITR-1, ITR-2, ITR-2A and ITR-4S the Government has imposed obligation on Individuals and HUFs having income exceeding Rs 50 lakhs to furnish information regarding assets and liabilities.
Subscribe to:
Post Comments (Atom)
Empanelment of Concurrent Auditors
Empanelment of Concurrent Auditors / Revenue Auditors for Bank of Maharashtra. BANK OF MAHARASHTRA invites applications from practicing firm...
-
Drafts of tax accounting standard on construction contracts, government grants issued The Central Board of Direct Taxes (CBDT) has invited c...
-
After the ICAI regional council and central council elections , there is an anxious waiting period for resul...
-
Here is the final list of candidates won from WIRC for Central Council: Sr. No. Name of Candidate 1 CA. Adukia Rajkumar Satyanarayan 2 CA...
No comments:
Post a Comment
What do you think about this? Please write your comment.