The government today introduced a new, simplified income tax returns form which will be available for filing returns for the Assessment Year 2017-18 from Saturday.
The government hopes the simplified process will make filing of income tax returns easier and hassle free.
Here are a few things that you should know about the new form to ensure a smooth income tax filing:
1. The income tax department has notified revised income tax return (ITR) forms aimed at making it easy for even small taxpayers to file tax returns while curbing tax evasion.
2. Taxpayers earning upto Rs 50 lakh salaried income and owning a house will need to file only a single page tax return form for financial year 2016-17.
3. Tax department has mandated that the taxpayer will have to disclose any cash deposit above Rs 2 lakh made during November 9 and December 30 as the tax department moved to track instances where high value cash deposits after demonetisation do not match the income profile of the taxpayer.
4. In line with the changes proposed to the Income Tax Act, providing the Aadhaar number or the Aadhaar enrolment number in the income tax return form has been made mandatory.
5. Tax department has also rationalised various columns relating to tax computation and deductions for easy compliance.