The Indian Merchants Chamber (IMC) and Bombay Chartered Accountants Society (BCAS)
have asked finance minister P Chidambaram to simplify the process of filing income
tax returns by restoring the simpler Saral forms.
a joint memorandum submitted to the finance minister, the associations said the
Income Tax (fourth amendment) rules 2007, belied the hopes of taxpayers, as laymen
could not comprehend the provisions in it easily.
pointed out that assesses covered by the new income tax return forms applied were
either salaried employees and pensioner or small businessmen were all from the
unorganised sector and ill-prepared to comprehend the provisions of the new complicated
income tax forms.
apprehend that the newly prescribed ITR forms are bound to cause greater hardship,
apart from consuming the precious time and energy of the worthy citizens of the
country. In view of this, it is absolutely essential that at least forms ITR 1
to ITR 4 are made far simpler," the memorandum stated.
last date for filing Income Tax Returns is 31 July for salaried individuals, self-employed,
small enterprises with a turnover of less than Rs40 lakh and professionals with
receipts of less than Rs10 lakh a year.