News shortcuts: From the Courts | Top Headlines | VAT (Value Added Tax) | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | Professional Updates | Corporate Law | Markets | Students | General | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing | GST - Goods and Services Tax
Top Headlines »
 Good news of Income Tax money saving opportunity! Now, make 80C, 80D, 80G investments till this date
 Here is how to file Income Tax Returns for AY 2020-21 ITR-1 notified
 Income tax department opens ITR filing window for those using ITR 1 form
 How to pay zero tax on a salary of Rs 18 Lacs?
 ITR-1 e-form for FY 2019-20 now available on income tax department website
 How TDS at reduced rates will affect taxpayers
 New Income Tax forms are out: Know the four key changes
 Income-tax (12th Amendment) Rules, 2020
 No new tax in UP to deal with economic impact of COVID: Yogi
 You can claim deductions till June 30 Income tax return
 Income-tax (11th Amendment) Rules, 2020

CBDT simplifies ITR filing process from FY18
April, 28th 2017

The Central Board of Direct Taxes (CBDT) on Friday notified Income tax return (ITR) forms for the upcoming financial year (FY17-18).

CBDT in one of the major reforms, notified the designing of one page ITR form to simplify the process of tax filing. "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.)."

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, Ministry of Finance said in a release.

Moreover, the Ministry in the release said that number of ITR forms has also been reduced to seven as against the existing nine 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.


Further, no changes have been made in the manner of filing the 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.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2020 CAinINDIA All Right Reserved.
Designed and Developed by Ritz Consulting