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Thursday, Jun 06, 2002

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Some tax payers allowed to use old Saral form

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THE Government today notified simplified income-tax filing procedures by giving the option to individual tax payers with income up to Rs 2 lakhs to file returns in the old Saral form (Form 2 D).

Non-corporate tax payers with total income of over Rs 2 lakhs will be required to file returns in the multi-page form. This segment of taxpayers will, however, not be required to furnish details of expenditure - such as investment in immovable property, children's education, foreign travel, motor cars maintained and bank account.

An official release issued by the Finance Ministry here stated that persons filing returns for Assessment Year 2002-03 in Form 2 and 3 will not be required to furnish the general information in Schedule I of Form 2, or as the case may be, Schedule H of form 3.

Under the existing income-tax rules, non-corporate tax payers (other than charitable or religious trusts and persons covered under the one by six scheme) are required to file returns for assessment year 2002-03 in Form 2 (if their income includes income from business or profession) or in Form 3 (in other cases) by July 31, 2002. The due date is October 2002 for persons whose accounts are required to be audited.

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