The Central Board of Direct Taxes (CBDT) has notified income-tax return forms (ITR forms), including a one-page simplified ITR Form-1 (Sahaj), which can be used by individuals having income up to Rs 50 lakh.
This initiative will benefit more than two crore taxpayers, who will be eligible to file their return of income in this simplified form.
"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 can be filed by an individual having income up to Rs 50 lakh and who is receiving income from salary, one house property/ other income (interest)," the Finance Ministry said in a statement here on Friday.
"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 taxpayer," the statement said.
Simultaneously, the number of ITR forms have also been reduced from the existing nine to seven. The existing ITR forms ITR-2, ITR-2A and ITR-3 have been rationalised and a single ITR-2 has been notified in place of these three forms. Consequently, ITR-4 and ITR-4S (Sugam) have been renumbered as ITR-3 and ITR-4 (Sugam), respectively.
There is no change in the manner of filing of ITR forms as compared to last year. All these ITR forms are to be filed electronically. However, where return is furnished in ITR-1 (Sahaj) or ITR-4 (Sugam), an individual of 80 years or more or an individual whose income does not exceed Rs 5 lakh, have the option to file return in paper form.
--IANS
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