New Income Tax return Forms for AY 2015-16 too demanding?

Status
Not open for further replies.
uziel

uziel

Techie The Grandos
Explorer
Hello friends, Income Tax Deptt has issues a Gazette to notify the new ITR forms, specially ITR2 14 page with considerable focus on black money. This form, to me seems like revisiting your life as in so many details are sought. The team behind this says they had specific inputs from the SIT for black money and hence was incorporated in the latest returns. Some new features:

(a) All foreign trip details.
(b) All closed/active bank account details with balance
(c) All capital gains details tax slot n quarter wise.
(d) Foreign assets and income
(e) DTAA compliance
(f) Agricultural income breakup

This may be a taxing time for people who frequently travel abroad. A breather is that if you have Aadhaar card, validated thru OTP you dont need to send the ITRV to Banglore any more. Also all refund returns have to be files electronically henceforth for faster returns. I think this may be a harassment for regular honest tax payers but the persons who deal in black money still may be at large. In India only around 35 Lac people file IT returns so does that mean others dont earn money?? Question is how the IT deptt taps them to increase tax base rather than taxing existing tax payers.
 
Whats has the Govt done with the tax payers money all these years
Multi Crores of scam all gone of dead ears
Travelling on Business class
Living Lavish Lifes with fancy Cars
Tons of money is Lured on IPL Season every year and They say india is a Poor country

This govt is a Curse to India,now they have nothing to do so they are harassing common man

Mera Bharat mahan :(
 
  • Like
Reactions: Fenix
It's a good move to get more data to analyze, to be able to detect irregularities in tax payments. But the amount of details being requested is too much too soon, they have realised it and they would do it in phases.
 
Sanav3 said:
It's a good move to get more data to analyze, to be able to detect irregularities in tax payments. But the amount of details being requested is too much too soon, they have realised it and they would do it in phases.
Click to expand...
So do you pay taxes? Please answer sincerely.

Personally, I think that the government wants to fu** the very 35lks of Indians that run the country. Not only are they increasing the taxes. But, also increasing the complexity and time associated with that. They seriously expect people to just be involved in pretax,post tax, accounts rectification, filings and then they also want them to tell about every moment in there lives.

They don't think that people should do there business or job. They just want them to keep on paying taxes only. Seriously, good honest people are considered criminals. All other people who don't pay taxes are considered honest and those very people also support the government initiative to make hell of tax payers life.
 
Yes I do pay my taxes according to law. Now when I will add the information that I am salaried and all my tax is paid at source you would start judging me as someone without an option to hide my income. But I believe paying tax is necessary for the country to progress.
 
Sanav3 said:
Yes I do pay my taxes according to law. Now when I will add the information that I am salaried and all my tax is paid at source you would start judging me as someone without an option to hide my income. But I believe paying tax is necessary for the country to progress.
Click to expand...

Sir paying tax is all right but scrutinizing the tax payers above an extent is harsh. Earlier there was one page tax forms now after PAN introduction, government has all info at the click of the button since PAN is required in most transactions these days so why again ask from tax payers? The basic need to get more info is to tap black money but this does not get solved by taxing already tax payers money but bringing more people to tax net. There is so much of cash dealing that its almost impossible to track it. For eg. most thela walas income is above taxable limit but they hardly give any invoice to track their income, like this most time we buy any thing, cash transaction is not tracked, so the earner here gets clear of any tax net. Govt should come to Public and ask them what all they want in the form and also assure them that those who pay taxes will get the best of the facilities in return.
 
  • Like
Reactions: redhotiron2004 and destiny
Income tax dept is stupid. making tax paying citizens feel like criminals. if this gazette is passed, people paying taxes will go down. no one will want to spend time and money filling up countless forms and trying to find bills for foreign trip's and what not. Also they're asking for all current and previous bank accounts. They're already made up their minds to trouble citizens even more all in the name of searching for black money. Will anyone who wants to evade taxes even put that money in ac account in India? All tax evaders do cash only transactions or go hawala route without even going to bank.
 
  • Like
Reactions: Criminal and destiny
6pack said:
Income tax dept is stupid. making tax paying citizens feel like criminals. if this gazette is passed, people paying taxes will go down. no one will want to spend time and money filling up countless forms and trying to find bills for foreign trip's and what not. Also they're asking for all current and previous bank accounts. They're already made up their minds to trouble citizens even more all in the name of searching for black money. Will anyone who wants to evade taxes even put that money in ac account in India? All tax evaders do cash only transactions or go hawala route without even going to bank.
Click to expand...
The New Govt is Curse
 
  • Like
Reactions: Being.smart
destiny said:
The New Govt is Curse
Click to expand...
I won't really say that they are curse. Atleast they are much better than Congress. Although, they all become same after some time. Still, I prefer Modi as PM instead of silent pupet mamohan or Sonia stupid son Rahul as PM.

But, they are becoming paranoid with black money. And part of that is also the pressure from opposition.
 
^ Earlier i was a big fan of Mr. Modi (Guj CM time) , but once he became PM, he converted himself into a Showman (like the one's who call themselves GOD), 24x7 he keeps on branding what he has done must say "Apne mumia mithu" , do your work silently, let the people judge what you had done or not, good or bad. Don't know when he will realize that election is over and hence promotion time, he is now PM of INdia

Really sad seeing such a good leader being converted into such ........ :(

*Its my personal opinion, if it hurts somebody, sorry for it :)
 
  • Like
Reactions: destiny
I hope the better sense prevails and IT returns become simpler than previous years. They should think about how to get rich people who do not even file returns under the taxation, instead of these gimmicks.
 
uziel said:
(a) All foreign trip details.
Click to expand...
What the immigration dept doing then? dont they already have those details?
uziel said:
(b) All closed/active bank account details with balance
Click to expand...
Why?
uziel said:
(d) Foreign assets and income
Click to expand...
Thats none of the business of the income tax dept. income earned in foreign countries is under their jurisdiction and tax evation becomes their problem. for example, for all the money I earn in Australia, I pay taxes in Australia. India should only be worried for the money that I transfer to India.

Above all... where is the privacy statement for all these disclosures?
 
booo said:
Above all... where is the privacy statement for all these disclosures?
Click to expand...
Privacy concerns? :hilarious: That train has long left with people signing en masse for Aadhar without asking for privacy. With that done, I don't think government will worry about such small stuff now.
 
Privacy and data security was never a concern for Indian government. I have seen easy access to each and every data left to the mercy of anyone who can just get hold of eat, leave people who are ready to bribe and get data enmasse. If Tax authorities accumulate huge data, I bet someday, you will suddenly meet a person, eating Samosa next to you, knowing more about you that you yourself.
 
Will these people be taxed??
India's Richest Beggars Will Make You Feel Really Bad About Yourself

booo said:
Thats none of the business of the income tax dept. income earned in foreign countries is under their jurisdiction and tax evation becomes their problem. for example, for all the money I earn in Australia, I pay taxes in Australia. India should only be worried for the money that I transfer to India.
Click to expand...
That is not applicable to all countries
For Eg: Countries With Zero Income Taxes
You buy/sell/invest in these countries and reap profit/loss, no one asks.
The Middle east saw a boom in their economy for this very reason.
 
Status
Not open for further replies.
Top Bottom