ITRs SIMPLIFIED

THE GOVERNMENT ON FRIDAY NOTIFIED A SIMPLIFIED INCOME TAX RETURN FORM FOR INDIVIDUALS

It's Sahaj now | The information has to be furnished in the new one-page, simplified ITR-1 ‘Sahaj’ for taxpayers who have income from salary, a house property or earn interest totalling upto `50 lakh.

Post-demonetisation info | 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 `2 lakh or more.

Aadhaar must | The department has also made furnishing of the Aadhaar number mandatory

Big relief | The total number of ITRs forms have been reduced to 7 from the previous nine.

e-filing | The e-filing facility is enabled from April 1 and ITRs can be filed till July 31.

6CR croreout of 29 persons holding PAN file ITRs

In a major relief to salaried class, they will have to file only one page income-tax return for assessment year 2017-18.

However, in line with the Modi government’s policy of crackdown on blackmoney, people will have to declare cash deposits in banks of over `2 lakh during demonetisation period: between November 9December 30.

This will allow I-T department to seek explanation from people about whom it has information that they have unaccounted deposited huge sums in banks after demonetisation. The limit has been kept at `2 lakh so as not to harass small tax payers.

Income tax payers will also need to quote their Aadhaar number while filing their returns as per the recently passed amendments in the Finance Bill by the Parliament.

The ITR Form- 1(Sahaj) can be filed by an individual having income upto `50 lakh and who is receiving income from salary, one house property and interest. Income Tax Return Form-1 (Sahaj) will replace the cumbersome 7-page form.

This initiative will benefit more than two crore tax-payers who will be eligible to file their return of income in this form.

Various parts of Sahaj relating to tax computation and deductions have been rationalised and simplified for easy compliance.

This will reduce the compliance burden to a significant extent on the individual tax payer.