New single-page I-T return form notified

The Central Board of Direct Taxes has notified a one-page, simplified ITR-1 ‘Sahaj’ form for taxpayers who have income from salary, house property or earn interest totalling up to Rs 50 lakh.

By: ENS Economic Bureau | New Delhi | Published:April 1, 2017 1:31 am
Income tax return, Income tax return form, ITR new form, ITR new rules, Income tax return new form, ITR guidelines 2017, ITR form 2017, Income tax return news, Indian express As per the amendments introduced in the recently approved Finance Act, 2017, tax assessees need to mandatorily furnish their Aadhaar number or the Aadhaar application number at the time of filing income tax returns after July 1.

The government has notified a simplified version of Income Tax Return form for individuals for assessment year 2017-18. The new form, however, also asks for details regarding cash deposits of over Rs 2 lakh made after demonetisation (November 9-December 30) along with Aadhaar details.

The Central Board of Direct Taxes has notified a one-page, simplified ITR-1 ‘Sahaj’ form for taxpayers who have income from salary, house property or earn interest totalling up to Rs 50 lakh. Currently, SAHAJ (ITR 1) is filed by salaried employees and ITR 2 by individuals and HUFs whose income does not include income from business.

Read: ALL YOU NEED TO KNOW ABOUT THE NEW ITR FORM

Column Part-E of the ITR-1 form seeks information on cash deposits made by the assessee between November 9, 2016 and December 30, 2016 if the “aggregate cash deposits” during this period were Rs 2 lakh or more. A similar column has been provided in all the other six ITRs forms notified on Friday.

The department has also provided space for tax assessees to disclose the 12-digit Aadhaar number and if it is not available, the 28-digit Aadhaar enrolment id has to be mentioned in the ITR.

As per the amendments introduced in the recently approved Finance Act, 2017, tax assessees need to mandatorily furnish their Aadhaar number or the Aadhaar application number at the time of filing income tax returns after July 1.

The government has done away with two forms ITR 2A (used by individuals & HUFs not having income from business or profession and capital gains and who do not hold foreign assets). Also, ITR 4 (filed by Individuals & HUFs having income from a proprietary business or profession) will now be known as ‘Sugam’ and ITR-4S will be substituted.

The form ITR-4S was used for filing ITR by individuals/HUF or Partnership Firm having income from presumptive business. In total, the CBDT has reduced the total number of ITRs forms to seven from the nine earlier. The e-filing facility for ITR-1 is enabled from April 1 and ITRs can be filed till the stipulated deadline of July 31.

For all the latest Business News, download Indian Express App

  1. No Comments.