Financial Daily from THE HINDU group of publications
Saturday, Jun 08, 2002
Financial Daily from THE HINDU group of publications Saturday, Jun 08, 2002 |
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Industry & Economy
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Income Tax Non-corporate tax payers can use old Saral form Our Bureau
NEW DELHI, June 7 THE Government has decided to provide all eligible non-corporate taxpayers with an option to file their income-tax returns in the old Saral form or in Form Nos. 2 and 3. Two days ago, the Finance Ministry had announced that individual taxpayers with income up to Rs 2 lakh could file their returns in the old Saral form. Today's decision implies that all non-corporate individual taxpayers, irrespective of their level of income, can file their returns through the simplified old Saral form. The decision to further simplify tax returns for non-corporate assessees comes after several representations to the Finance Minister, Mr Yashwant Sinha, that a multi-page format for a tax return could discourage non-corporate assessees from filing their returns. This is because they consider filing returns in the multi-page format to be a cumbersome exercise. The assessees will also be not required to furnish the general information specified in Schedule I of Form No. 2 or Schedule II of Form No. 3, like details of expenditure such as investment in immovable property, foreign travel, motor cars, children's education and bank accounts, according to a release issued by the Finance Ministry here on Friday. Under the existing income-tax rules, non-corporate taxpayers, other than charitable or religious trusts and persons covered under the one-by-six scheme, are required to file their income-tax returns for the assessment year, 2002-03 in Form No. 2 if their income includes income from business or profession. In other cases, the returns have to be filed in Form No. 3. The returns have to be filed by July 31. The due date for persons whose accounts are required to be audited is October 31.
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