hawk31981
Neville Gama
The income tax department notified a new four-page income tax return form (Form 2F) that seeks to replace the Saral Form while this is supposed to make things easier for the public it is actually only causing trouble and invading our privacy.
Who is affected:-
1)Hindu Undivided Families
2)And Individuals:-
Who do not earn Business income;
Who do not earn Capital gains;
Who do not earn Agriculture income;
Who do not own more than one house; and
Who are not filing for relief under section 89 in respect of arrears or advance of salary.
In short those earning a salary or getting pension and non tax paying individuals who need to file their returns
What information is required
Schedule 1: Details of Income from House Property, if any.
Schedule 2: Details of Interest Income from all sources.
Schedule 3: Details of exempt income (for instance, PPF interest, dividends, long-term capital gains, etc.)
Schedule 4: Details of tax deductions (Section 80C through Section 80U) that you have claimed.
Schedule 5:
1 Opening Balance in the bank account (excluding Fixed Deposits)
2 Add: Income recd from all sources (except exempt income)
3 Add: Other receipts, if any, including exempt income, loans, gifts, encashment of FDs, MFs, maturity of insurance policies etc. (In short, all other receipts in your bank account)
4 Less: Details of investment outflows relating to tax deductions claimed
5 Less: Details of other investments
6 Less: Details of all other expenses including Household expenses
7 Net result: Closing Balance as per the Bank account
Schedule 6: Details of Advance tax paid.
Schedule 7: Details of tax deducted at source on Salary.
Schedule 8: Details of tax deducted at source on income other than Salary.
Schedule 9: Details of Self Assessment Tax.
In short we are being asked to actually supply a cashflow statement in schedule 5 .Besides this the supporting documents are not to be filed with the return but retained by the assessee.This is in my view a plain harassment of the honest tax payer as the salaried class which is affected the most This will not do any good in detecting those who do not pay their taxes.
Besides this once we have payed our taxes why does the government need to know where we have spent our money this is an open invasion of our privacy and is a sort of infringment on our freedom to do what we want with the money we have earnrd.
Also since we are required to keep a cash flow statement this means a lot of paper work and accounting. This will intern mean that people in many cases we will now need the help of accountants and other professionals just to file our returns.
I personally am very upset about such treatment of the people by the government and would like to know how others feel and if in ur opinion the government is harassing and invading the privacy of the middle class or not.
Who is affected:-
1)Hindu Undivided Families
2)And Individuals:-
Who do not earn Business income;
Who do not earn Capital gains;
Who do not earn Agriculture income;
Who do not own more than one house; and
Who are not filing for relief under section 89 in respect of arrears or advance of salary.
In short those earning a salary or getting pension and non tax paying individuals who need to file their returns
What information is required
Schedule 1: Details of Income from House Property, if any.
Schedule 2: Details of Interest Income from all sources.
Schedule 3: Details of exempt income (for instance, PPF interest, dividends, long-term capital gains, etc.)
Schedule 4: Details of tax deductions (Section 80C through Section 80U) that you have claimed.
Schedule 5:
1 Opening Balance in the bank account (excluding Fixed Deposits)
2 Add: Income recd from all sources (except exempt income)
3 Add: Other receipts, if any, including exempt income, loans, gifts, encashment of FDs, MFs, maturity of insurance policies etc. (In short, all other receipts in your bank account)
4 Less: Details of investment outflows relating to tax deductions claimed
5 Less: Details of other investments
6 Less: Details of all other expenses including Household expenses
7 Net result: Closing Balance as per the Bank account
Schedule 6: Details of Advance tax paid.
Schedule 7: Details of tax deducted at source on Salary.
Schedule 8: Details of tax deducted at source on income other than Salary.
Schedule 9: Details of Self Assessment Tax.
In short we are being asked to actually supply a cashflow statement in schedule 5 .Besides this the supporting documents are not to be filed with the return but retained by the assessee.This is in my view a plain harassment of the honest tax payer as the salaried class which is affected the most This will not do any good in detecting those who do not pay their taxes.
Besides this once we have payed our taxes why does the government need to know where we have spent our money this is an open invasion of our privacy and is a sort of infringment on our freedom to do what we want with the money we have earnrd.
Also since we are required to keep a cash flow statement this means a lot of paper work and accounting. This will intern mean that people in many cases we will now need the help of accountants and other professionals just to file our returns.
I personally am very upset about such treatment of the people by the government and would like to know how others feel and if in ur opinion the government is harassing and invading the privacy of the middle class or not.