Wednesday, July 2, 2014

Tax Reform Changes That You Should Be Aware Of!

Since taxes are contribution towards the national income and also to the appraisal of the national economy it is the duty of every individual to the pay their taxes in time. Since there are only 30 days left for it is important for all the individuals to know some key changes that have occurred in this year’s income tax return forms informs Sachin Karpe.

Unlike the previous year’s form, the new forms provide for details to be entered in respect of unclaimed TDS / TCS of the earlier tax year and unclaimed TDS/TCS of the present tax year to be carried forward to the subsequent year.  Also, with an intention to expedite and align the refund process with process applicable to the corporate taxpayers, the new forms have done away with such an option of claiming refund through cheque.  In the new form, the non-corporate taxpayers claiming deduction in respect of bad debts are now required to disclose in their tax return the PAN number of every debtor whose quantum of bad debt exceeds INR 0.1 million.  

Previously, a taxpayer was entitled to set off loss from one source with the income from another source falling within the same head. But in the newly prescribed forms, information in respect of intra head loss adjustment is required to be furnished.  So now before rushing to file your tax returns, it is very important to keep in mind these new changes and act accordingly say Sachin Karpe.

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