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
General »
 Why a simplified tax regime is the need of the hour
 Settling The Old vs New Tax Regime debate
 Mutual funds for a first-time investor
 All eyes on Nirmala Sitharaman's second Budget for tax relief
 FM must slash income tax rates, only way to stimulate demand
 Govt may go for income tax relief to spur demand, says report
 Countries should tax the money that their citizens make globally
 Personal income tax rate cut can revive economy
 Economic slowdown hits Income Tax collections
 IFSC and tax bills tabled in Parliament on Monday
 How to calculate tax liability on LTCG accrued from selling gold?

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 2020 CAinINDIA All Right Reserved.
Designed and Developed by Ritz Consulting