Sunday, September 02, 2007

New IT Return

Finally last week I could manage to file my Income Tax return.Though everything was ready in April but new IT form had not come. Last week I had appointment with my Tax Cons. Gone are the days when one could sign the return,give all relevant challans and papers and let consultant file return at his convinience. Now everything is online and this year no enclosures,so you have to be present when he fills in details,computes your income,tax payable,tax paid and refund -if any -and take print out and then sign it.
TC checked everything on his computer screen,cross checked with me and then clicked 'print'. HP printer got into action and in minute or two print outs were in the tray. TC collected the bunch.
I asked him: "How many prints you need?"
"Three".t th
"But these are lot of papers"
" Yes,but this is one copy. From this year IT return has 30 pages. From last year's one page SARAL form now we have 30 pages Improoved,Taxpayer friendly return."
and he called in his peon and asked him to get 2 sets of Photostat copies.
From next year onwards when you apply for Loan, Visa to travel or even credit card, you will be asked to submit last 3 yrs. IT retuns with computation. You will have to submit almost 100 pages of IT return and sign each and every page. Dont be surprised if your application is rejected! Because it will be difficult to asses what is your income from this confusing return. What Fun!!---PK

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