Govt introduces new simplified ITR form: All you need to know

* Individuals with salary and interest income will have to fill the new ITR1 ‘Sahaj’ form to file their returns.

* Many of the deductions have been clubbed, reducing the number of columns. Further, for the Assessment year 2017-18, deduction claimed under different section of Chapter VIA have been removed and only the most commonly used one have been retained. The ITR1/Sahaj form will have only 18 different columns for claiming deduction under section 80 of Income Tax Act.

* Under ITR1/Sahaj form columns that have been retained include deduction under section 80C, mediclaim Section 80D. However, individuals who want to show deduction under other heads can do so by selecting an option.

* Under Section 80C of the Income Tax Act, a deduction of Rs 1.5 lakh can be claimed from total income for investments in LIC, PPF and repayment of housing loan. Under Section 80D tax deduction for payment of insurance premium, which is over and above deduction under Section 80C.

* People with income of more than 50 lakhs, who also own luxury items like yacht, aircraft or valuable jewellery will have to disclose these assets with I-T department in the ITRs.

* E-filing facility for the ITR1/Sahaj is also likely to be introduced from April 1, with the deadline being stipulated till July 31. And at the time of filing the form the taxpayer has to fill in his PAN, Aadhar number, personal information and information on Tax paid, plus, TDS will be auto filled in the form. (Post July 1, it would become mandatory for the assessee to show his Aadhar card number or number showing that he has applied for the Aadhar card)

* The e-filing website will also provide an an online calculator for to help individuals to determine their complete tax liability.

* ITR1/Sahaj, 2 and 2A can be used by individuals under HUF, whose income does not included income form businesses. ITR 4s-Sugam can be used by an individual or HUF whose income includes business income on presumptive basis.