Another Saral form for salaried individuals

by khalid on 02/03/2010 · 0 comments

In order to make filing of tax returns easy, the finance minister has introduced a new form called Saral II in his Budget speech. In the next financial year, the salaried will not only have more money to spend but also can look forward to easy tax filings. One of the income tax reforms that the finance minister announced on Friday was the introduction of Saral II form, which will only have two pages.

Finance Minister Pranab Mukherjee promised last year that the income tax return forms will make simple and user-friendly by next year. And he kept his promise and introduced Saral-II form for individual salaried taxpayers for the coming assessment year. This form will enable individuals to enter relevant details in a simple format in only two pages.

“These forms will be applicable to the salaried, who have income only from their employment and property. In case, there is an instance of income from any other source, they will need to fill in different forms,” said a tax expert.

Mukherjee also enhanced the size of the business turnover beyond which the accounts need to be audited from Rs 40,00,000 to Rs 60 lakh and for professionals from Rs 10,00,000 to Rs 15,00,000. At present, all firms and professionals with income of Rs 40,00,000 and Rs 10,00,000 have to get accounts audited. As the limits have been increased by 50%, their compliance burden will come down. Now, they can self certify their accounts.

IT Saral 2 form to be introduced :

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