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| *Ostroff, Fair and Company>>>India Taxes |
Is there any new Saral Form for the Assessment Year 2006-07? |
As there is no rebate under section 88, there is a need for revision in the existing Saral Form format. There is no need for such revision , because the Govt has abolished Section 88 related to rebate , but RS 1 Lac of deduction has been allowed under Section 80C under Chapter VI. The Total income is computed by deducting allowed deduction under Chapter VIA from Gross Total Income. If you peruse the Saral Form, you will find Point 21 of the form is Gross Total Income and below it deduction under Chapter VIA is given for deducting.Now all those investments which were previously were being given Rebates are now being given deduction and TO BE DEDUCTED from Gross Total Income here. Thus You compute Point 23 of the Saral , i.e Total Income. Your point is a bit right that it should be revised , because the ordinary people who does not know the I T Act may be confused because of presence of Section 88 in the Saral form. That way you have some valid point. Source(s): If ou want to see the lates form, visit www.imcometaxinidia.gov.in |
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