Schedule Income Tax: Fill & Download for Free

Google ImagesMr Swami is right but the government has its own vested interests. No Indian politician wants to be seen as pro rich , they want to be seen as pro poor , socialist and so on .Recall “ Suit Boot Ki Sarkar ” jibe against PM Modi by Rahul Gandhi[1] , who himself was showing his torn Kurta pocket as a sign of poverty, though he owns declared and understated assets of Rs 8 Crores[2] .Late Arun Jaitley , the Finance Minister who presented 5 budgets had declared assets of Rs 110 Crores[3] , Current HM Amit Shah has declared assets of 30 crores[4] , arrested ex FM P. Chidambaram and his son’s assets are not known , they are so hidden to assess.And we expect these super rich politicians to do away with income tax . It is also a big tool for harassment of political or other kind of adversaries.So, despite its many advantages of scrapping income tax, they even avoid raising the income tax exemption limit.To engage public from this torture , government comes out with new promises . In 2011 , it came with a new direct tax code . It was made by same Income tax people who are known to complicate the things . They came with 400 page , 208 sections and 22 schedules as replacement of old 1961 Income Tax Act [5] . It was presented by Mr Pranab Mukherjee as FM in Loksabha in 2011 but then it went to dustbin because it was old wine in new bottle made by same people.Now this government has again came with a new Income Tax Code[6] for which a bulky report has been submitted few days back.I am sure , this will be again same thing in new garb , aimed at harassing the honest middle class tax payers , instead of simplifying the tax issues for growth of economy . As long as same bureaucrats are part of creating the Act , it can never be different.Actually our Constitution does not impose any restriction on amount of tax to be levied on public and also there is no limit for debts . So while government preaches savings to public , it itself believes in deficit budget, to impose more taxes on existing tax payers.Now when Government has tightened the tax noose around businesses by applying GST , old established industrialists and businessmen have slowed down their activities because they are accustomed to doing business without paying actual taxes .The goverments which never care for salaried people , becomes quite worried for investors industrialists and businessmen and immediately tax rates are cut , concessions, stimulus packages are announced[7] .I had written this earlier in March 2016 before GST implementation in July 2017[8] :In my view , if income tax is paid by only 4% population , it needs to be scrapped or exemption limit should be raised to Rs. 1 crore . It is injustice largely to service class , which suffers most because of TDS provisions while business class has all means to avoid it .In my 24 years service , I paid personal income tax , which if saved in equity / land , would have become more than 5 crores . My acquaintance and relatives who started 10 years later in business had all luxuries of life as they never had to pay any income tax and invested all surplus money in land and became crorepati in 10 years .So , this unfair tax needs to be stopped , if govt is failing since last 70 years to extract income tax from business class .There can be many ways to recoup the income tax earnings for govt.Assuming that 3 % people i.e. roughly 3.5 crore people pay 3.50 lakh crore income tax , it comes about Rs. 1 lakh per income tax payee . Out of that about 20% is spent in running Income tax department's salaries and other expenses . so net gains to government would be about Rs. 80000/- per year per person . Many economists and Mr. Subramaniam Swami has also advocated the scrapping of personal income tax or levying it only on super rich .Alternately , govt. can earn much more money by going for presumptive tax if one owns a house beyond certain floor area , car , gold , shares , agricultural or urban land beyond minimum threshold , govt. can get much more revenue because one cannot hide house , land , vehicles .A bank transaction tax of Rs 1 per transaction or entry to Malls , hotels , restaurants can give more money than the current revenue from income tax .But I think these suggestions are already implemented via service tax .See following data on service tax growth : Source Service TaxIt was more than 2,10,000 lakh crores last year and has yearly growth of more than 15% and Service tax has now become 18% in GST , so it is contributing more than 5 lakh crores now , growing at 15% per annum.Google Images​The only issue is that business persons are extracting service tax ( now GST) on each transaction but not paying it to government by showing turn over less than 10 lakh exemption limit .I have personally inquired and found that they pay a nominal presumptive fixed tax ( Composition Scheme in GST) while recovering GST from everyone on huge turnover and showing it on thermal paper receipt only .It is biggest scam in India by amount , done in connivance with tax officials , just like VAT in states . You can see the total number of establishments paying service tax as 17 lakh, which is way less than actual .Removing such ceiling on service tax turnover and strict compliance of service tax can give more than twice the current income tax revenue . All citizens should be given a Whatsapp number where they can upload receipts of restaurant payments indicating payment of service tax , so that all establishments pay the levied income tax to govt after turnover exemption is withdrawn .I think govt. can go for scraping income tax or raise ceiling of income tax to Rs. 1 crore and do away with income tax corruption, tax terrorism for everyone, which benefits only income tax department staff , CAs , lawyers and wastes millions of hours of middle class people, senior citizens in filing of return and getting refund of over deducted taxes .It will leave more money in hands of service class, who form majority in income tax payments because of TDS and that will spurt real growth in economy , so service tax collection increase will compensate the income tax revenue .Finally , I believe that most tax money is going down the drain if it is being used for fulfilling absurd political promises to win elections like free Laptop, TV , WiFi etc rather than developing roads , railways and power infrastructure . So , tax utilization is bigger issue than tax collection .If you read 1961 Income Tax Act, it has ridiculous , outdated provisions for tax filing and CBDT adds more salt to injury by naming IT return forms as Saral , Sugam , Sahaj etc while making the forms lengthier with each column writing section of IT Act , which you need to Google to understand or go to a CA.In current ITR 3 return form, anyone who earns a business income above Rs 250000 annually , needs to file detailed balance sheet , profit and loss account and keep 6 different registers for ledger , bill book , customers etc along with receipt of any expenses worth more than Rs 50 . These are to be preserved for next 6 years for inspection of IT officer. Obviously that will need services of an accountant. Does a peon in govt service drawing more than Rs 250000 annually require to do it ? These limits are not deliberately raised for 10 years while government salary gets doubled in same period.They cannot increase even this limit to a respectable limit say Rs 5 lakh , for small businesses , so economy will be doomed and people will be forced to transact in cash.With CGST alone mopping up more than Rs 50000 crores and excise on petrol of equal amount every month , there is no need to impose income tax on income above Rs 250000 per annum . Income Tax exemption limit should be made above 1 crore to save Indians from this paperwork drudgery and tax terrorism.Unfortunately , government controlled by politicians has unlimited appetite to spend tax and borrowed money for the ever growing list of useless scheme for vote grabbing , so it is not going to happen in future.We do not see the fact that most of the MPs are millionaire before joining politics and they join it to become billionaires and they do not care for people harassed by these taxes[9] :total of 475 members of the new Lok Sabha are 'crorepatis' with Madhya Pradesh Chief Minister Kamal Nath's son Nakul Nath topping the list, the Association of Democratic Reforms said Sunday.The ADR arrived at the figure of 'crorepati' MPs after analysing the affidavits on assets and liabilities of 539 new MPs.The ADR said it was unable to access affidavits of three of the 542 new MPs -- two of the BJP and one of the Congress. The BJP won 303 seats in the 17th Lok Sabha and the Congress 52.Elections were held for 542 of the 543 Lok Sabha seats. The election for Vellore Lok Sabha seat had been cancelled by the Election Commission of India, citing abuse of money power. A fresh date is yet to be announced. Two members of the 545-strong House are nominated.Out of the 301 new BJP MPs, whose affidavits were examined, 265 (88 per cent) were found crorepati, while all 18 winners of its NDA partner Shiv Sena had assets exceeding Rs one crore.In the Congress, 43 out of its 51 MPs (totalling 96 per cent) were fund to be 'crorepati'.Similarly, 22 (96 per cent) out of 23 DMK MPs, 20 (91 per cent) out of 22 of the Trinamool Congress MPs and 19 (86 per cent)out of 22 YSR Congress MPs had assets exceeding Rs one crore.The top three crorepatis MPs are from the Congress, the ADR said.Nath, who won from Chhindwara, Madhya Pradesh, has declared assets worth Rs 660 crore, followed by Vasanthakumar H from Kanniyakumari, Tamil Nadu (Rs 417 crore) and D K Suresh from Bengaluru Rural, Karnataka (Rs 338 crore).The average of assets per winner in the Lok Sabha elections is Rs 20.93 crore.There are 266 members in the new Lok Sabha whose assets are Rs 5 core or above.The number of crorepati MPs elected in 2009 Lok Sabha elections was 315 (58 per cent) and 443 (82 per cent) in the 2014.So, rest assured that Kashmir and Ram Janmabhoomi issue may get resolved finally but this is not going to happen anytime .You may see this answer also Yashas Shukla (यशस शुक्ल)'s answer to How long will the 2020 economic recession last? How will it affect the Indian economy?Yashas Shukla (यशस शुक्ल)'s answer to What would you have done if you were India’s finance minister to revive the economy amidst the slowdown in 2019?Footnotes[1] Rahul Gandhi tears into Modi's 'suit-boot ki sarkar' | India News - Times of India[2] Rahul Gandhi owns commercial property worth Rs 8.75 crore, agri land worth Rs 1.32 crore, Rs 40,000 cash in hand[3] Arun Jaitley declares assets worth Rs 110 crore that include luxury cars, bungalows[4] Amit Shah declares assets worth Rs 30.5 crore - Times of India[5] https://www.incometaxindia.gov.in/Documents/direct-tax-code-2010.pdf[6] Direct Tax Code: Government proposes to overhaul taxation system; here is how new rules will affect you - Firstpost[7] How will the stimulus package impact different sectors[8] Yashas Shukla (यशस शुक्ल)'s answer to Is it true that a taxpayer pays more than an evader even after the fine?[9] New Lok Sabha has 475 crorepati MPs: ADR

“Who, in 1913, decided it was a good idea to go against our founding fathers and start our tax system? We parted ways with England over taxes in 1776, and were tax free for over 100 years. What happened? The Federal Reserve?”Wow.The “Wow” above is my immediate reaction to the flatly delusional belief that the United States was “tax free for over 100 years”. In fact, the United States has been collecting taxes since it was the United States. Public Law 1–2 (that is, the second act of the first Congress) was a revenue bill: quite literally the second thing Congress did after it got together was pass a law establishing a system of taxes. And the third act of that same Congress (P. L. 1–3) was also a revenue bill. (The first bill was a law related to the taking of oaths.)Of course, these early revenue bills were not income taxes. P.L. 1–2 was a schedule of tariffs on various importable goods, and P.L. 1–3 was a bulk tonnage duty (essentially a property tax on shipowners). But they were taxes, and Americans had to pay those taxes, either directly or indirectly. For most of its first century, the United States met most of its federal revenue needs through import tariffs, mainly on the importation of finished goods from Europe,although the tariff on rum imported from the Caribbean was also a significant source of revenue, as was the domestic excise tax on distilled spirits (does nobody remember the Whiskey Rebellion?).The reason that the US started looking at taxing incomes, instead of imports, starting in the middle of the 19th century, is simple: industrialization.In 1789, when the Constitution was adopted, the United States did not have extensive manufacturing capabilities. There were a few small manufactories, mainly in New England, and a couple of shipyards here and there, but for the most part the bulk of the trade in the US was colonial exchange trade: the US produced mostly unprocessed raw goods, which it sold to European interests in exchange for finished goods. The US funded government operations for most of its first century through taxing those imports from Europe.However, starting in the early 19th century, the US started to develop its own domestic production capacity for these goods, in part to avoid tariffs, but more so simply because European traders knew that they had us by the balls and could charge us high prices for these goods because Americans could not match their quality or quantity. Industrialization—mainly in the North, of course—led to the development of the capacity to replace European suppliers for large portions of the demand for goods of these natures. At first, the American versions were often quite inferior to those produced by the craftsmen of Europe, but as they were much cheaper and more readily available, that didn’t matter so much. And over time Americans got better at making them.All of this dramatically reduced the amount of revenue the United States could raise solely through import tariffs—indeed, raising tariffs would simply lead Americans to elect that much more to “buy American” even when the American goods were often of lower quality—and eventually it became obvious that the US would need to raise revenue by taxing domestic economic activity. The first income tax was imposed in 1861; it was replaced by a new one in 1862. The need for added revenue here is obvious: the United States was fighting a war at this point (a war which, in no small part, was a consequence of the half-century of steady industrialization that had transformed the economy of the North, but not the South) and needed revenue to fund it. The 1862 Revenue Act proved inadequate at raising enough funds to prosecute the Civil War, leading to the 1864 Revenue Act, which remained in effect until it was allowed to expire in 1873.Congress, in an effort to generate enough revenue for federal operations without having to impose ruinous tariffs on goods Americans wanted to be able to afford to buy, elected to try to raise some revenue through a general 2% income tax in 1894. This was struck down in 1895 as unconstitutional. Widespread recognition that the federal government could not reasonably fund its operations solely on trade tariffs and duties, and indeed that its past reliance on doing so was hampering the ability of the US to fully participate in international trade and commerce and ultimately harming the interests of Americans, led to the adoption of the Sixteenth Amendment in 1913.The United States didn’t split with King George III over the concept of taxation. None of the Founding Fathers would have anticipated the United States, or any of them, to function as states without assessing taxes. The dispute with Britain was not over taxation itself, but over taxation without representation: the imposition of taxes on the colonies, about which the colonies had no say. And, in fact, each of the several states, upon achieving independence (or in many cases well before achieving independence) imposed upon its citizens a range of taxes that were not dissimilar, either in nature or in quantity, to those that had been imposed by the Crown. The only differences are that the revenue thus collected went to the State, to be used by that State, and not to the distant Crown, and the voters could, at least in in theory, vote away taxes that they felt were too ruinous.Addendum: while I’m aware that many people seem to think that the income tax was introduced in 1913 in order to accomodate Prohibition, this argument falls apart on two points. First, Prohibition didn’t take effect until 1920, seven years after the 16th Amendment became law. While the temperance movement had been around for nearly a century by 1913, the motivation to seek the Sixteenth Amendment was not specifically driven by Prohibitionists. Rather, the Sixteenth Amendment was the direct consequence of, and direct reaction to, a 1895 Supreme Court decision. If it was driven by anything, it was driven by incipient globalism and the desire of US capitalists to broaden their trading horizons. The United States had, by the turn of the century, achieved its Monrovian goal of spanning the continent from sea to shining sea. Any further expansion would have to be to frontiers beyond her borders, and that meant tearing down the barriers to trade that the high tariff policies of the time created.It is, of course, true that the adoption of Prohibition forced the US government to considerably increase income taxes (or, more accurately, fail to decrease them as much as they might have otherwise, after the end of World War I), to make up for the revenue that alcohol-related taxes and tariffs would no longer provide, but I find no credibility to the argument that the Sixteenth Amendment was adopted to lay the groundwork for Prohibition, as several people have suggested in the comments to this answer.There is also no causal relationship between the adoption of the income tax amendment and the establishment of the Federal Reserve System. Many of the plutophilic conspiracy theories that tries to link them seek to depend on the fact that the bill proposing the Federal Reserve and the Senate resolution proposing the Amendment were both authored by Senator Nelson Aldrich. But this ignores that Senator Aldrich was the Senate Majority Leader at the time, and thus was the proponent of a large fraction of all Senate-originated legislation, and further ignores that the first proposal to authorize an income tax was advanced by Senator Norris Brown—who wasn’t even a Senator when the Federal Reserve Act was voted upon (he failed in his bid to be reelected in 1912). This is the classic sort of coincidence that is actually meaningless, but easy to spin into a conspiracy if you’re the sort that easily believes in conspiracies. And the large increase in the tax rate in 1917 can be explained without resorting to some alleged need to fund the Federal Reserve. The true reason for that increase is much simpler: World War I.

Let me first get the facts right before answering the question.I did the Google search the figures given by you and I got similar figures from the letter of Sitaram Yachury, a political leader of CPI (M) to the Prime Minister of India on July 7, 2016. This letter is posted on its official website http://cpim.org/pressbriefs/rs-85-lakh-crore-mega-scam on July 8, 2016. This letter state as followingYou are well aware that the top ten corporate houses owe a staggering amount of Rs 7 lakh crores to PSBs and financial institutions. As per a report last year, Adani Group had gross debt of Rs.96,031 crore, Essar Group Rs.1.01 trillion, GMR Group Rs.47,976 crore, GVK Group Rs.33,933 crore, Jaypee Group Rs.75,163 crore, JSW Group Rs.58,171 crore, Lanco Group Rs.47,102 crore, Reliance Group Rs.1.25 trillion, Vedanta Group Rs.1.03 trillion and Videocon Group Rs.45,405 crore.(Credit Suisse Report)Let us now understand the difference between debt and defaultWhat is 'Debt'Debt is an amount of money borrowed by one party from another. Debt is used by many corporations and individuals as a method of making large purchases that they could not afford under normal circumstances. A debt arrangement gives the borrowing party permission to borrow money under the condition that it is to be paid back at a later date, usually with interest.What is 'Default'Default is the failure to promptly pay interest or principal when due. Default occurs when a debtor is unable to meet the legal obligation of debt repayment. Borrowers may default when they are unable to make the required payment or are unwilling to honour the debt.Let us Have our Facts RightThere is no evidence to suggest that these corporate are not paying their principle and interest on time to the banks.If these companies have taken 7,00,000 crores of debt, they must be paying around 1,00,000 cores of interest @ 14-15 % while banks are giving us around 7% of interest only on our deposits in the banks.Banks are thus making a cool profit of Rs 50,000 crores per year on our money which is used for paying salaries to the bank employees and giving taxes on the profit to the government.When we public/investor are getting Rs 50,000 crores interest, government is getting at least @20% as income tax i.e. Rs 10,000 crores as taxes.If the banks don’t give loans to the corporate, banks won’t get any interest at all and you also don’t get any interest on your investment.If banks give fewer loans than what is deposited, they run into losses because they earn less from loan but pay interest on every penny of the deposit.They have to take business risk and advance loan, which is their primary source of revenue.The Real DefaultLet me quote from the letter from Mr Yachuri for getting the real default figures.The latest RBI Financial Stability Report has once again highlighted the precarious situation of our banking sector. As of end-March 2016, Gross Non-performing Assets (GNPAs) of all Scheduled Commercial Banks (SCBs)are at Rs 5,60,822 crore, 7.71% of their gross advances of Rs 72,73,927 crore. In addition, the restructured standard advances are at Rs 2,94,729 crore, 4.05% of the gross advances.This means that more than Eight and half lakh crore rupees (Rs 8,55,551 crore) of the loans given by our banks have not been returned by the borrowers.Even if the entire figure is found to be absolutely correct, the real default is around 6% of the total loan advanced by banks over several decades to the corporate and private individuals for business.It means that banks have got back 94% of their debt back from cooperates with interest which would be several times more than the 6% losses due to default (they get 14-15% interest per year). Since they pay to the investors only half of the interest as they get from the corporate lending, there have not made any loss; as they get additional interest only because they are taking risk of lending.Contribution of Corporate in EconomyThe corporate is treated to be a separate legal entities in the eyes of the law and they have to pay 30% income/corporate tax in addition to the income tax paid by the individuals who are earning profits/income from the corporate. If they fail to survive in the business world which is full of risk, they can’t pay their debt and declared defaulter.However, corporate are responsible for payment of most of the taxes in India.The estimates of taxes collected by Governments of India in 2015-16 are as following.Central Government TaxesCorporate Tax: 4.7 lakh croresIncome Tax: 3.3 lakh croresCustoms : 2.3 Lakh croresCentral Excise: 2.5 lakh croresService Tax: 2.2 lakh croresTotal Central Taxes = 15 lakh croresState Government Taxes (From VAT, Excise and Entertainment Tax) = Rs 14 lakh crores (approx)Total taxes of Central + State = Rs 29 Lakh crores.Except for the personal income tax of around Rs 3.3 lakh crores, almost all the taxes are paid by the corporates and the business entities to the government. Even most of the personal income tax comes to the government in the form of TDS, which is collected by the corporates and paid to the government.The present value of the corporate tax alone for the last 20 years alone would not be less than Rs 50 lakh crores, which is several times of the total default accumulated over a long period.If there is no corporate tax, the personal income tax would have to be doubled to match the tax shortfall of it. You would get virtually half income after the taxes.Let us thank the corporate for creating huge employment in our country, paying huge taxes to the government, manufacturing goods that we all consume every day and providing services to make our life better.A few bad example should not be used to call all corporate bad.Sourceshttp://cpim.org/pressbriefs/rs-85-lakh-crore-mega-scamhttp://www.investopedia.com/terms/d/default2.asp#ixzz4DuMQwNsEhttp://www.investopedia.com/terms/d/debt.asp#ixzz4DuMBKjgYhttp://indiabudget.nic.in/ub2015-16/rec/tr.pdf