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

Filing income-tax returns gets simpler for salaried persons
June, 27th 2017

Filing income-tax returns for salaried individuals (with income up to ?50 lakh) just got simpler, with the Central Board of Direct Taxes (CBDT) coming out with a single-page form against the seven-page version that existed earlier.

The new form-1 (SAHAJ) for assessment year 2017-18 can be used for those receiving income from Salary/One House Property/other income (interest etc) and is expected to benefit over two crore taxpayers.

Interestingly, the new form requires reporting ?2,00,000 or more in cash deposited in a bank account from November 9 last year to December 30, 2016. Quoting of Aadhaar has been made mandatory. In case an individual has not received an Aadhaar card but applied for the same, he or she has to give the enrollment ID.

Commenting on the move, Amit Maheshwari, Partner, Ashok Maheshwary & Associates LLP, said the simplification of the ITR form 1 reflects the government’s intent to make it a non-adversarial and simplified tax regime, especially for salaried individuals, who typically fall under the low-risk category.

Amit Singhania, Partner, Shardul Amarchand Mangaldas & Co, a law firm, said the new ITR-1 requires the disclosure of the same amount of information as the earlier ITR-1, except for details of assets and liabilities (which was required to be given in the old ITR-1),

Archit Gupta, Founder & CEO, ClearTax, said the new form will ease the e-filing process for those at the ?50 lakh annual income threshold.

A new section to mention exempt long-term capital gains has been included in the form, he added.

Aseem Chawla, Partner, Phoenix Legal, a law firm, said the new form has removed information fields not commonly utilised and has only retained deductions frequently sought by taxpayers.

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