1. The CBDT has notified the new Income Tax Return Forms for A.Y. 2017-18. The CBDT has made major reform in the Income Tax Return Forms for A.Y 2017-18.
2. The government has taken bold step towards simplifying the norms of filing, so as to encourage the potential tax payer to file the Income Tax Return. Earlier, there were total nine Income Tax Return Forms which has now been reduced to seven. Every person who are earning the income under different heads are required to file the Income Tax Return in respective forms which are discussed as
- The CBDT has notified one page simplified ITR Sahaj (Form 1), which is to be filed by individual having the total income upto Rs 50 Lakhs and earnings are from Income from Salary/Income and/or one house Property and/or Income from Other Sources.
- Individuals (other than those mentioned above) or HUF, whose total income does not include the Income derived from Business or Profession, are required to file the return in Form No. ITR-2.
- Individuals (other than those mentioned above) or HUF whose total income includes the income derived from Business or Profession, are required to file the return in Form No. ITR – 3.
- Individuals/HUF/Firm (other than LLP Firm) having the presumptive income are required to file the return in Form SUGAM (ITR-4).
3. There is an option to file the return in paper form, which can be filed either in Form SAHAJ (ITR-1) or Form SUGAM (ITR-4) by below mentioned persons:
- a) an individual of an age of 80 years or more or
- b) an individual or HUF having income upto Rs 5 Lakhs and does not claim refund in the return of income.
4. Further, the government has taken the bold move by incorporating the column of cash deposit during the period from 08.11.2016 to 31.12.2016 in the New Income Tax Returns to curb the black money.
The CBDT has released the form for filing the Income Tax Return on the website: www.Incometaxereturnfiling.gov.in. It is humbly requested to adhere to the deadlines of filing the return to all tax payers and be a part to the growth of the country.