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ITR Filing

CBDT has notified new Income Tax Return forms ITR-1 to 7 for AY 2021-22 so tax payers get sufficient time to plan and manage their filing. It appears CA Association has written for early routines. Tax payers has concerns about the compatibility and operating software versions issues while downloading the forms, generating XML and uploading the same. XML schema gives error many times due to compatibility issues. All these issues can be resolved making ITR forms available for directly online filing from e-filing portals (like ITR-1) without generating XML and uploading the same. CBDT should not delay to make these forms available for direct e-filing from the portal. CBDT may consider to make the filing simpler and seamless by allowing salaried class to use ITR-1 if there is no tax liability on account of LTCG on transfer of equity or equity oriented MF. It means when there is loss or gain is less than 1 lakh on account of LTCG, a option may be given to tax payers to use ITR-1 or ITR-2. There is no point of asking details in schedule CG table 112A of ITR-2 when there is no tax liability. Otherwise it makes the process difficult and complex for tax payers as well as for Assessing Officer. This can be implemented by issuing FAQ. The details can always be asked whenever it is required by tax authorities. It should be kept in view that tax compliance is highest in salaried class. As Govt has allowed two options for tax payers whether to follow new system or old system whichever is beneficial for income tax purpose. The work should be managed in professional way instead of following orthodox methods and wasting manpower and time without any increase in tax revenue. Such small things may improve the working of the tax department and increase the trust and confidence between tax payers and tax administration. Tax administration approach should be friendly with tax payers and resolve the difficulties if any faced by tax payers. CBDT may consider closing all old cases more than three years where no tax liabilities have been fixed and are not involved in any disputes. It will clear the unproductive works from the desk of tax officers and officers can be involved in more innovative works to increase tax revenue and reduce the leakage of tax revenue. Let us work together to achieve the objective of Govt..

Naveen

Mormugao Port Trust creates history 

Congratulations for the achievement. It has really done well.

A R Rao

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