Clarifications on filling new ITR forms

Published in: India

Tax WorkAs the last date for filing returns for the Asstt.Year 2007-08 is drawing to close, a lot of issues confuse the assessees as they fill the new forms. Herein certain clarifications are provided to ease the filling process.

The new ITR forms are applicable only for the financial year 2006-07, so the old Saral forms for filing returns can only be used for the prior years.

The forms are completely annexureless and do not require attaching of TDS certificates even in case of refunds (inspite of several media reports asking for TDS certificates to be enclosed or else refund process would be delayed).

In schedule TDS2 of the form, consolidated amount paid is to be shown for one deductor i.e. Tax deduction account number (TAN) and the date of payment/credit would be taken as 31/3/07. Meaning to say, if one is having multiple TDS certificates from the same deductor then instead of showing each amount separately, a consolidated figure is to be shown in the form.

If the assessee is having more than one business then a consolidated balance sheet is to be prepared and the same to be filled in the form.

While filling the details on AIR, the following points to be noted:

  • Information in respect of cash deposit aggregating to Rs 10 lakh or more in a savings account maintained with a bank is required to be furnished in the tax return branch wise.
  • Information in respect of purchase of units of a mutual fund for Rs 2 lakh or more is required to be reported in the tax return company wise (AMC wise)
  • Purchase or sale of immovable property valued at Rs 30 lakh or more is to be reported in the tax return on registry basis and not when the financial transaction has taken place. In case of joint purchase or sale, each party will disclose the proportionate value of the property as registered on the basis of its share. The disclosure is to be made even if the proportionate share is less than Rs.30 lacs.

However, few more issues are yet to be cleared to guide the taxpayers. Lets hope that the CBDT will feel its duty and will provide necessary clarifications to sort out the issues.

Published in: India

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Amit Agarwal

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