The Finance Ministry has come out with ‘Saral-II’, the new income tax returns form, that seeks to make tax filing easy on the assessee and gather information on TDS paid on salary and interest. The Saral-II, a two-page form, was mentioned by Finance Minister Pranab Mukherjee in his Budget speech for 2010-11.
“This form will enable individuals to enter relevant details in a simple format in only two pages,” he had said.
The Central Board of Direct taxes has now notified a new Income-taxForm Saral-II. The Form Saral-II is to be used for filing Income-tax return for the Financial Year 2009-10 (Assessment Year 2010-11).
Key Features of Form Saral-II
The said Form is to be used by the individual taxpayers having incomes from following sources:
The key difference between the new Form Saral-II (ITR-1) vis-à-vis erstwhile Form ITR-1 are as under:
Our Comments:-The introduction of the Form Saral-II is a welcome step as it aims to make Income-tax return filing easier for individual taxpayers, primarily having salary income and one house property.
Download the New Saral II (ITR-1) and see the relvant notification at the link given below:-