Financial Daily from THE HINDU group of publications
Thursday, Jun 06, 2002

News
Features
Stocks
Port Info
Archives

Group Sites

Home Page - Income Tax
Industry & Economy - Income Tax


Some tax payers allowed to use old Saral form

Our Bureau

NEW DELHI, June 5

THE Government today notified simplified income-tax filing procedures by giving the option to individual tax payers with income up to Rs 2 lakhs to file returns in the old Saral form (Form 2 D).

Non-corporate tax payers with total income of over Rs 2 lakhs will be required to file returns in the multi-page form. This segment of taxpayers will, however, not be required to furnish details of expenditure - such as investment in immovable property, children's education, foreign travel, motor cars maintained and bank account.

An official release issued by the Finance Ministry here stated that persons filing returns for Assessment Year 2002-03 in Form 2 and 3 will not be required to furnish the general information in Schedule I of Form 2, or as the case may be, Schedule H of form 3.

Under the existing income-tax rules, non-corporate tax payers (other than charitable or religious trusts and persons covered under the one by six scheme) are required to file returns for assessment year 2002-03 in Form 2 (if their income includes income from business or profession) or in Form 3 (in other cases) by July 31, 2002. The due date is October 2002 for persons whose accounts are required to be audited.

Send this article to Friends by E-Mail

Stories in this Section
Bayer CropScience open offer for Aventis at Rs 157


Kalyani Brakes Japanese ally to offload stake
`Dramatic turnaround' for Tata Engg in Q4
ORG pegs BPL on top; LG differs
Bidders wary of stiff covenants in SCI deal
Some tax payers allowed to use old Saral form
No certainty over Inmarsat, Intelsat IPOs: VSNL
Bisleri in `troubled waters'


The Hindu Group: Home | About Us | Copyright | Archives | Contacts | Subscription
Group Sites: The Hindu | Business Line | The Sportstar | Frontline | Home |

Copyright 2002, The Hindu Business Line. Republication or redissemination of the contents of this screen are expressly prohibited without the written consent of The Hindu Business Line