E-Paper
New tax return filing procedure complicated
?THE NEW income tax return filing forms introduced for companies by the Union Government for the current assessment year is very complicated and time taking.?
“THE NEW income tax return filing forms introduced for companies by the Union Government for the current assessment year is very complicated and time taking.”
This was observed in a seminar on ‘Taxation and Tax Audit’ organized by Varanasi Chapter of Central Indian Regional Council and the Institute of Chartered Accountants of India at a hotel in Cantonment area here on Friday.
Eminent Chartered Accountants said that the new income tax return filing forms for companies were full of ambiguities and it will take much time to file the returns.
Earlier, process of furnishing return forms was done in 6 to 8 minutes whereas now it will take 6 to 8 days. It was observed that the last date of filing income tax return for companies, which is scheduled as October 31, should be extended.
In the first session, noted CA of New Delhi, Girish Ahuja, said that the new income tax return filing forms for companies was full of ambiguities and there were at least six mistakes in these forms. He said that it was impossible for companies to file their income tax return before October 31.
He also told the CAs about precautions needed for furnishing these new forms.
He spoke at length about Fringe Benefit Tax (FBT) clamped on the facilities provided by the employer to its employees.
He discussed about the tax planning for FBT. CA Giriraj Agrawal presided over the session.
In the second session, former member of Income Tax Appeal Tribunal, CA Rakesh Gupta of New Delhi told the participants about how to appeal in Income Tax Appellate Tribunal and Commissioner of Income Tax (Appeal). CA Arjun Kapoor presided over the session.
Chairman of Varanasi branch of the Institute of Chartered Accountants of India, Shashi Ranjan, welcomed the guests whereas secretary Vishnu Kumar Agrawal proposed a formal vote of thanks.
