Government of India has simplified Income Tax returns filing by bringing up a new form which could be used to file ITR for financial year 2017-18 from April 1st.
As of now, ITR 1 (SAHAJ) is preferred by Salaried Employees. Whereas, ITR 2 is being used by Individuals and Hindu United Families (HUFs) who income source is no way related to Business or Profession. Only 6 crore out of 29 crore people having Permanent Account Number (PAN) have been filing IT Returns. Centre introduced the simplified version of IT Returns form to encourage more number of people to file returns.
The newly introduced 3-page IT Returns form removes the section which sought disclosure of foreign trips and formant bank accounts. Tax Payer has to enter his/her Personal Information, PAN, Aadhaar number and Information regarding the Taxes Paid.
e-filing for ITR-1 will be enabled from April 1st and the website will have a tax calculator as well. ITRs can be filed till July 31st deadline.
As of now, ITR 1 (SAHAJ) is preferred by Salaried Employees. Whereas, ITR 2 is being used by Individuals and Hindu United Families (HUFs) who income source is no way related to Business or Profession. Only 6 crore out of 29 crore people having Permanent Account Number (PAN) have been filing IT Returns. Centre introduced the simplified version of IT Returns form to encourage more number of people to file returns.
The newly introduced 3-page IT Returns form removes the section which sought disclosure of foreign trips and formant bank accounts. Tax Payer has to enter his/her Personal Information, PAN, Aadhaar number and Information regarding the Taxes Paid.
e-filing for ITR-1 will be enabled from April 1st and the website will have a tax calculator as well. ITRs can be filed till July 31st deadline.