Twitter
Advertisement

CBDT proposes changes to three IT forms, seeks public suggestions

The Central Board of Direct Taxes (CBDT) has proposed amendments in two forms and one rule under to Income Tax Rules, 1962 (I.T.Rules).

Latest News
article-main
FacebookTwitterWhatsappLinkedin

The Central Board of Direct Taxes (CBDT) has proposed amendments in two forms and one rule under to Income Tax Rules, 1962 (I.T.Rules).

It has suggested changes in Form No.36 for filing an appeal to the Income Tax Appellate Tribunal (ITAT) and in Form 36A, which is a memorandum of cross-objections to the ITAT.

The CBDT said, "The existing Form No.36 and Form No 36A have not been revised since long. These forms are required to be rationalised to make them more informative and also to capture information regarding amount disputed in pending appeals before ITAT, which is vital for formulating the policy of the department for litigation management."

"In view of the above, a draft notification proposing amendments in Form No. 36, Form No.36A and Rule 47 of the IT Rules has been uploaded on the website of the Income Tax Department www.incometaxindia.gov.in for comments from stakeholders and general public. The comments and suggestions on the draft notification may be sent by 2nd July, 2018 electronically at the email address ts.mapwal@nic.in," said a spokesperson of the CBDT. 

Earlier last month, the Income Tax Department launched and activated all the seven ITR forms for e-filing by taxpayers, after more than a month of them being notified.

The Central Board of Direct Taxes had notified the new Income Tax Return forms for the assessment year 2018-19 on April 5."All ITRs for AY 2018-19 are now available for e-filing," the department said in a statement. The tax department has launched the ITR forms gradually since April 5 as the taxpayers have been looking forward to file their returns before the stipulated deadline of July 31. All seven ITRs are to be filed electronically on the official web portal of the department -https://www.Incometaxindiaefiling.Gov.In -except for some category of taxpayers, the CBDT had said.

The new ITR forms mandate the salaried class assesses to provide their salary breakup, and businessmen their GST number and turnover. The ITR-1 called 'Sahaj' is largely used by the salaried class of taxpayers with income up to Rs 50 lakh from salary, one house property only and additional income such as interest earned from fixed deposits and recurring deposits. This time, the ITR-1 form seeks an assessee's details in separate fields such as allowances not exempt, profit in lieu of salary and value of prerequisites among others. This form was used by three crore taxpayers during the last financial year.

(with inputs from agencies)

Find your daily dose of news & explainers in your WhatsApp. Stay updated, Stay informed-  Follow DNA on WhatsApp.
Advertisement

Live tv

Advertisement
Advertisement