New Delhi: The government on Friday notified a simplified Income Tax Return form for individuals with key additions like mandatory linking of tax returns with the assessee's Aadhaar number. The form in its new avatar will be available for filing ITR for Assessment Year 2017-18 from Saturday.
Currently, SAHAJ (ITR 1) is filed by salaried employees and ITR 2 by individuals and HUFs whose income does not include income from business.
The government has done away with two forms ITR 2A (used by individuals & HUFs not having income from business or profession and capital gains and who do not hold foreign assets).
Only 6 crore out of 29 crore persons holding permanent account number (PAN) file income tax returns at present.
The e-filing facility for ITR-1 is enabled from 1 April and ITRs can be filed till the stipulated deadline of 31 July.
At the time of filing the form, the taxpayer has to fill in PAN, Aadhaar number, personal information and information on taxes paid. TDS will be auto-filled in the form.
According to report in Mint, "the department has mandated that the taxpayer will have to disclose any cash deposit above Rs2 lakh made during 9 November and 30 December as it moves to track instances where high-value cash deposits post-demonetization do not match with the income profile of the taxpayer."
Post 1 July, as per amendments to the Finance Bill 2017 as 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.
Here's the first look of ITR-1 SAHAJ pic.twitter.com/ZWOEb7TXVR
— Income Tax India (@IncomeTaxIndia) March 31, 2017
Also ITR 4 (filed by Individuals & HUFs having income from a proprietary business or profession) will now be known as 'Sugam' and ITR-4S will be substituted.
The form ITR-4S was used for filing ITR by individuals/HUF or Partnership Firm having income from presumptive business.
With inputs from PTI
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Updated Date: Apr 01, 2017 08:42:13 IST