Insta
Government Notifies Simplified Income Tax Return Forms For Easy Compliance
Income Tax return forms
The Central Board of Direct Taxes today (31 March) notified Income Tax Return (ITR) forms for the Assessment Year 2017-18. One of the major reforms made in the notified ITR forms is the introduction of a one-page simplified ITR Form-1 (Sahaj).
Sahaj can be filed by an individual with an income of up to Rs 50 lakh drawn from salary, house property or other incomes such as interest. Various parts of Sahaj, i.e., parts relating to tax computation and deduction, have been rationalised and simplified for easy compliance. This will reduce the compliance burden to a large extent on the individual taxpayer.
Simultaneously, the number of ITR forms have been reduced from the existing nine to seven. The current ITR forms ITR-2, ITR-2A and ITR-3 have been rationalised and a single ITR-2 has been notified in place of these three forms. Consequently, ITR-4 and ITR-4S (Sugam) have been renumbered as ITR-3 and ITR-4 (Sugam) respectively.
There is no change in the manner of filing of ITR forms as compared to last year. All the forms are to be filed electronically. However, where return is furnished in ITR-1 (Sahaj) or ITR-4 (Sugam), the following persons have an option to file return in paper form:
- An individual aged 80 years or more at any time during the previous year
- An individual or Hindu Undivided Family whose income does not exceed Rs 5 lakh and who has not claimed any refund in the return of income
With Inputs From ANI.
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