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
« General »
 Seeks to amend BCD rates on certain textile goods.
 Common mistakes to avoid while filing your Income Tax Returns
 Income Tax Return filing season is here – Check top tricks to save money
 What is Income Tax Clearance Certificate? For whom is it a must?
 Don’t forget to mention these small things while filing income tax returns
 Wondering about your eligibility to file Income Tax Return?Read on
 Income Tax Return filing: How to link Aadhaar number with PAN card?
 India notifies rules for income tax computation for foreign firms
 How to save income tax by rejigging your salary
 How to fill tax exempt income and bank details section in ITR1
 Interest income from an NRO account is fully taxable in India

Filing ITR just got easier for salaried class with CBDT's one-page form
June, 26th 2017

The new SAHAJ form also requires reporting of cash deposited in a bank account from November 9 last year to December 30, 2016 if the taxpayers deposited Rs. 2,00,000 or more during the demonetisation period

In a move that should come as relief for salaried employees, the Central Board of Direct Taxes has now come up with a single-page form for filing of Income Tax Returns for salaried individuals (having income up to Rs. 50 lakh), as against the seven-page form earlier.

The new income tax return form-1(SAHAJ), which would apply for assessment year 2017-18, could be used for those receiving income from Salary/One House Property/other income (interest etc). This simplified one page form is expected to benefit more than two crore taxpayers.

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 form ITR 2A (used by individuals & HUFs not having income from business or profession and capital gains and by those who do not hold foreign assets), PTI reported.

However, the new form SAHAJ requires reporting of cash deposited in a bank account from November 9 last year to December 30, 2016. This is required to be filled only if the taxpayers have deposited Rs. 2,00,000 or more during the demonetisation period.

Quoting of Aadhaar has been made mandatory. In case an individual has not received Aadhaar card but applied for the same, they can give their enrolment ID.

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. 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.

The rationalised ITR will "reduce the compliance burden to a significant extent on the individual tax payer," the CBDT said, adding that the move would benefit more than two crore tax-payers who will be eligible to file their return of income in this simplified Form.

Instead of 20 columns of deductions in the old form, only four deductions claims in respect of Section 80C, 80D, 80G and 80TTA need to be filled.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2018 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Customer relationship management software CRM software Operational CRM Collaborative CRM

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