ITR kinds for AY 2016-17 to be informed in April 2016, The financing ministry is most likely to inform by the very first week of April brand-new tax return types for evaluation year 2016- 17 which will more or less resemble the one that was submitted by assessees last year.
As numerous as 93 percent of the specific assessees submit tax return online and the tax departmenthasbeen working on simplification of tax return (ITR) kinds.
According to the sources, the tax departmenthasbeen dealing with more simplification of ITR and the present year’s form will considerably be the very same as that of last year’s.
” Present years form is most likely to be notified by first week of April. The process of simplification is continuous and efforts will be made to further streamline it in the next year,” a source said. Sources stated the tax department is likely to come out with a revised formula for computation of capital gains tax on sale of possessions. The effort would be to help such assessees determine tax liability without any outside assistance.
The Earnings Tax Department had in June bring out a simplified income tax return form for the salaried class. Filers were asked to divulge the overall number of savings and the present bank accounts held by them at any time during the previous year (leaving out inactive accounts).
The form also had area to fill up the IFSC code of the bank and tax filers were offered an alternative to show their bank accounts in which they would want their refund credited. The tax department had come out with simplified ITR after professionals raised objections to the preliminary 14- page type.
The earlier kinds looked for information of bank accounts and foreign gos to and following controversy, the Income Department announced putting the forms on hold.
Sources stated the tax department is likely to come out with a revised formula for computation of capital gains tax on sale of possessions.
Company Requirement, New Delhi, 26 th March 2016