ICICI

Share on Facebook

Share on Twitter

Share on LinkedIn

Share on Email

Share More


The Central Board of Direct Taxes has notified Income-tax Return Forms (ITR Forms) for the Assessment Year 2017-18. One of the major reforms made in the notified ITR Forms is the designing of a one page simplified ITR Form-1(Sahaj). This ITR Form-1(Sahaj) can be filed by an individual having income upto Rs.50 lakh and who is receiving income from salary one house property / other income (interest etc.). Various parts of ITR Form-1 (Sahaj) viz. parts relating to tax computation and deductions have been rationalised and simplified for easy compliance. This will reduce the compliance burden to a significant extent on the individual tax payer. This initiative will benefit more than two crore tax-payers who will be eligible to file their return of income in this simplified Form.

Here are the highlights of changes:

  • It is now mandatory to mention Aadhaar Number or Aadhaar Enrolment Id in ITR Forms.
  • Single page ITR form for those with income upto Rs. 50 lakhs.
  • Schedule AL has been set out of ITR-1.
  • New section has been added in ITR-1 for mentioning exempt long term capital gains. And it has been made mandatory to e-file tax returns for those with LTCG of Rs. 2,50,000 or more, even though their total taxable income for a year does not exceed Rs. 2,50,000.
  • Old ITR-2A, ITR-2 and ITR-3 have been consolidated to NEW ITR-2.
  • Old ITR-4 is now NEW ITR-3 and Old ITR-4S (Sugam) is now NEW ITR-4 (Sugam).
  • New ITR-4 SUGAM now covers Professional income as well which will be eligible for presumptive taxation scheme. No books of accounts needed if professionals avail presumptive taxation scheme. This is a huge reform towards increasing the compliance rate.
  • Paper return can only be filed by super senior citizens (above 80 years of age) or by an individual or HUF whose income does not exceed Rs. 5,00,000 and who has not claimed any refund in his/her return.

So the new list of ITR Forms is as follows:

  • ITR-1 SHAHJ: For Individuals having Income from Salaries, one house property, other sources (Interest etc.) and having total income upto Rs.50 lakh
  • ITR-2: For Individuals and HUFs not carrying out business or profession under any proprietorship
  • ITR-3: For individuals and HUFs having income from a proprietary business or profession) (Please see rule 12 of the Income-tax Rules, 1962
  • ITR-4 SUGAM: For Presumptive Income from Business & Profession
  • ITR-5: For persons other than,- (i) individual, (ii) HUF, (iii) company and (iv) person filing Form ITR-7
  • ITR-6: For Companies other than companies claiming exemption under section 11
  • ITR-7: For persons including companies required to furnish return under sections 139(4A) or 139(4B) or 139(4C) or 139(4D) or 139(4E) or 139(4F)

The article is provided by Quicko.com, engaged in online assisting in online ITR preparation and e-Filing. You can sign up with Quicko.com and e-File your Tax Returns absolutely hassle free. The author can also be reached at anand@quicko.com.

"Loved reading this piece by Anand Satyapanthi?
Join CAclubindia's network for Daily Articles, News Updates, Forum Threads, Judgments, Courses for CA/CS/CMA, Professional Courses and MUCH MORE!"




  



Category Income Tax, Other Articles by - Anand Satyapanthi 



Comments


update