CBDT to notify simplified ITR applicable from A.Y. 2017-18

Individuals with salary and interest income will have to fill fewer columns as some of these for claiming income deductions have been clubbed in ITR1 form called 'Sahaj'.

A crisp income tax form for salaried individuals will be introduced from April 1, doing away with some columns to simplify the filing of returns.

Individuals with salary and interest income will have to fill fewer columns as some of these for claiming income deductions have been clubbed in ITR1 form called ‘Sahaj’.

In the form for Assessment Year 2017-18, deductions claimed under different sections of Chapter VIA have been removed and only mostly used ones have been included.

“Columns that will remain include those for claiming deductions under Section 80C, mediclaim (80D). Those individuals who want to show deductions under other heads can do so by selecting an option,” an official told PTI.

Currently, the ITR 1/Sahaj has 18 different columns for claiming deductions under Section 80 of the Income Tax Act.

Under section 80C, a deduction of Rs 1.5 lakh can be claimed from total income for investments in LIC, PPF and repayment of housing loan.

Section 80D provides for tax deduction from the total taxable income for the payment of medical insurance premium.

This deduction is over and above the deduction under Section 80C.

“The forms would be notified by this month end as we want assessees to start filing returns from April onwards,” the official added.

The move is aimed at encouraging more number of people to file returns. Currently, only 6 crore out of 29 crore persons holding permanent account number (PAN) file income returns.

The current 3-page form is simplified version of an income tax return form after removing mandated disclosure of foreign trips and dormant bank accounts introduced two years back.

People with an income of more than Rs 50 lakh per annum and who own luxury items like yacht, aircraft or valuable jewellery will continue to disclose these expensive assets with the I-T department in the ITRs.

The e-filing facility for ITR-1 is likely to be enabled from April 1 and ITRs can be filed till the stipulated deadline of July 31.

At the time of filing the form, the taxpayer has to fill in his PAN, Aadhaar number, personal information and information on taxes paid, and TDS will be auto-filled in the form.

Post July 1, as per amendments to the Finance Bill 2017 as passed by the Lok Sabha, it would become mandatory for an assessee to provide the Aadhaar number or the number showing that he has applied for Aadhaar in the ITR.

Also the efiling website would have an online tax calculator to help assessees determine their tax liability.

ITR 1-SAHAJ, 2 and 2A can be used by individual or Hindu Undivided Families whose income does not include income from business.

ITR 4S – SUGAM can be used by an individual or HUF whose income includes business income assessable on presumptive basis.

Source- PTI

Categories: Income Tax

View Comments (11)

  • This type of form previously apply about ten years back, i.e not the new form as enforce by the govt.The people took the advantage of this form .

  • There are difficulties faced when aadhar is being linked in efiling webisite due mismatch in first name, middle name and last name. i suggest that aadhar may be modified automatically by taking internal permission in the efiling website to match the same

  • Respected Sir,

    I have query about above column in Taxes paid and Verification sheet of ITR1.

    The heading of the column is Cash deposited during 09/11/2016 to 30/12/2016 and in bracket it is mentioned as

    (if aggregate cash deposits during period is equal to or more than 2 lakh)

    that mean if any person has deposited equal to or more than 2 lakh cash, only has to fill up this column and person deposited less than 2 lakh need not to fill this column?. I am confused.I have deposited 23000 rupees.The column can not be left blank. Now if I have not deposited any cash and write zero then it is ok. but if I write 23000, then it will be wrong because of what is written in bracket.

    Sir, I will be grateful to you if you give me advice on this.

    Thank you

    Malharrao Deshpande

  • dear sir ,

    do send me details on various sections of income tax benefit that any firm, is likely to get under sections 80g,12a,aa,35 ac,35 ac12,35 (1)(2). 35(1),(2),(3)


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