CBDT
notifies new Income Tax Return Forms for AY 2017-18: Introduces one page
simplified ITR Form-1(Sahaj)
The
Central Board of Direct Taxes has notified Income-tax Return Forms (ITR Forms)
for the Assessment Year 2017-18. One of the major reforms made in the notified
ITR Forms is the designing of a one page simplified ITR Form-1(Sahaj). This ITR
Form-1(Sahaj) can be filed by an individual having income upto Rs.50 lakh and
who is receiving income from salary one house property / other income (interest
etc.) . Various parts of ITR Form-1 (Sahaj) viz. parts 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. This initiative will benefit more than two crore
tax-payers who will be eligible to file their return of income in this
simplified Form.
Simultaneously,
the number of ITR Forms have been reduced from the existing nine to seven
forms. The existing ITR Forms ITR-2, ITR-2A and ITR-3 have been rationalized 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
these ITR 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:-
(i)
an individual of the age of 80 years or more at any time during the previous
year; or
(ii)
an individual or HUF whose income does not exceed five lakh rupees and who has
not claimed any refund in the return of income,
The
notified ITR Forms are available on the department’s official website
www.incometaxindia.gov.in
Source:
PIB
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