sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing | GST - Goods and Services Tax
Latest Expert Exchange
News Headlines »
 Income tax on your gold and real estate investments
 Extension of time limit for submitting the declaration in FORM GST TRAN-1 under rule 117(1A) of the Central Goods and Service Tax Rules, 2017 in certain cases
 How RBI dealt with the crisis amid tensions with FinMin
 Pay tax on this PF account withdrawal Income tax return (ITR) filinga
 Seeks to make amendments (Ninth Amendment, 2018) to the CGST Rules, 2017.
 How govt is dealing with tax evasion, corporate fraud
 How to check income tax return (ITR) status
 Second instalment of advance tax due on 15 September
 Missed the deadline for filing India ITR? Here is what you can do
 Last date for filing GST annual return is December 31
 How insurance policies help you save tax

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 2018 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
E-catalogue online catalogue E-brochure online brochure online product catalogue online product catalogue e-catalogue Indi

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions