The government has notified Income-Tax Return Forms for the Assessment Year 2017-18 and one of the major reforms made in the notified ITR Forms is the designing of a 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).
The e-filing facility for ITR-1 has been enabled from April 1 and ITR return 2017 can be filed till the stipulated deadline of July 31.
As per amendments to the Finance Bill 2017 passed by the Lok Sabha, it would become mandatory for an assessee to provide the Aadhaar number or the number showing that he has applied for Aadhaar in the ITR filing 2017.
Also the e-filing website would have an online tax calculator to help assessees determine their tax liability.
Here is all you need to know about this single page ITR form SAHAJ
The Income Tax Return Form-1 Sahaj will replace the 7-page form, removing a plethora of columns on deductions from income claimed.
Sahaj can be filed by an individual having income of up to INR 50 lakh from salary, house property and interest.
Currently, SAHAJ ITR 1 is filed by salaried employees and ITR 2 by individuals and HUFs whose income does not include income from business.
Sahaj makes quoting of 12-digit biometric identifier Aadhaar number mandatory along with Permanent Account Number (PAN).
The e-filing facility for ITR-1 is enabled from April 1 and ITR 2017 can be filed till the stipulated deadline of July 31.
In the new form, parts relating to tax computation and deductions have been rationalised and simplified for easy compliance.
Besides personal details, an income tax filer needs to disclose only his income from salary or pension, one house property and other sources like interest for ITR filing 2017.
Thereafter, deduction claims are to be stated, followed by computation of taxable income.
Bank details are to be filled in the column following that.
Details of advance tax, self-assessment tax payments and tax deducted at source come next.
In the column for providing bank details, cash deposited in excess of Rs 2 lakh during November 9 to December 30, 2016 has to be mentioned during ITR return 2017.
By : Zee news/25.4.2017