Click to play videoNew Delhi: Filing tax returns at the last minute is a harrowing experience. The new tax return forms for filing returns are out. However the questions is will they make the whole process easier or even more complicated?
Last year, the Income Tax department introduced the new IT Return Form 2F, however it was given a thumb's down by the tax experts and the taxpayers alike. The form required individuals to furnish complicated cash flow details.
However, this year, the Income Tax Department has introduced new forms, which do not ask for cash flow details. You also need not submit a Form 16 while filing your returns. There are though a host of new information that needs to be furnished.
These are:
- Details of Cash deposits over Rs 10 lakh in any bank savings account in the assessment year
- Credit card bill payments over Rs 2 lakh
- Investment of Rs 2 lakh or more in mutual funds or shares
- Purchase or sale of immovable property valued at Rs 30 lakh or more
So is this form much more complicated than the last year’s Saral form? “Form number one is a very simple form. But it has very limited applicability. It is meant only for persons who have salaried income and interest income. As the source of income goes on increasing—the form also goes on becoming more and more complicated,” says Ravi Gupta Tax Expert.
This time taxpayers can also take heart from the fact that this time one can avoid long queues by just filing your return online.
“You can also file it electronically without digital signature—in that case a separate verification form has to be filled. You will have to submit that to the department. Once you have submitted the return electronically. If you have digital signatures, you can file it online using your digital signatures. No further documents have to be submitted,” said Gupta.
Filing returns may have become simpler but even tax experts are adopting a wait and watch policy before they comment on how easy the process finally will turn out to be.
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