Foreign travel details in ITR at suggestion of SIT - FM
PrintListen to this Article
Finance Minister Arun Jaitley in a written reply to a question in the Rajya Sabha said the Supreme Court-appointed Special Investigating Team (SIT) on black money had recommended capturing of foreign travel details for risk profiling.
Such information can help in developing risk profiles for detection of evasion of tax, he said, adding that these details are not required in ITR-1 or ITR-4S which are 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.
The new ITR forms, however, were put on hold shortly after the notification as they were criticised for seeking too many private details.
"In the new ITR-2 notified on April 15, 2015, the information relating to foreign travel which has been sought to be captured is as per the recommendation of the SIT on black money," the minister 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 endeavoured 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. (PTI)
Category : ITR | Comments : 0 | Hits : 473
The Central Board of Direct Taxes (CBDT) has notified Income-tax Return Form 2 and 3 for the Assessment Year 2024-25. Rule 12 has been amended to allow individuals and HUF, who are liable to tax audit under section 44AB, to verify return of income through electronic verification code. The Central Board of Direct Taxes (CBDT) has notified the income tax return (ITR) forms, ITR-2 and ITR-3. Many entities, including individuals, who have certain specific types of income are required to file thei...
A record eight crore 18 lakh Income Tax Returns, ITRs were filed in the current financial year till Sunday. This is nine per cent more than the total ITRs filed in the last fiscal. According to Central Board of Direct Taxes, around 7.5 crore ITRs were filed last year during the same period. Finance Ministry said, to encourage taxpayers to file their ITRs and forms early, over 103 crore outreaches were made through targeted e-mail, SMS and other creative campaigns. The e-filing Helpdesk team h...
Average processing time of Income Tax Returns (ITR) has reduced to ten days in the Assessment Year 2023-24. Average processing time of ITR was 82 days in the Assessment Year 2019-20, and 16 days in Assessment Year 2022-23. Income Tax Department said, it is committed to process the ITR in a speedy and efficient manner to the taxpayers. According to the Department, six crore 98 lakh ITRs for Assessment Year 2023-24 were filed, out of which 6 crore 84 lakh ITRs have been verified. ...
The Income Tax Department has processed refunds of over Rs 2.45 crore for 6.84 crore verified Income tax returns (ITRs), bringing down the average processing time to 10 days for the assessment year 2023-24 “The department’s efforts to provide seamless and expeditious taxpayer services are being continuously strengthened. In line with the same, the average processing time of ITRs (after verification) has been reduced to 10 days for Returns filed for AY 2023-24 compared to 82 days f...
More than four crore income tax returns (ITRs) for the 2022-23 financial year have been filed so far and about 7 per cent of these are new or first-time filers, CBDT chairperson Nitin Gupta said on Monday. He said that more than half of these ITRs have been processed leading to 80 lakh refunds till now. The "shortage of manpower at every level was impeding our efforts to give even better results", Gupta said and urged Union Finance Minister Nirmala Sitharaman for a "quick ap...
Comments