New Income Tax Return Form: 6 things you should know
Starting April 1, the new simplified income tax returns form would come into force. On Friday the government introduced the new form that the taxpayer can start using for e-filing of their returns from April 1 onwards.
The reason behind introducing the new forms is to simplify the process after many had complained that the exercise was a tedious one. There are several things you should know about the new forms. Here are a few of them.
- The salaried class fills the SAHAJ or ITR-1 form to file their returns. The ITR-2 is filed by individual taxpayers and Hindu undivided families whose income does not include income generated from some businesses.
- The government has now abolished form ITR-2A. This was being used by the individual taxpayer and HUFs who did not have any other income from a business or had capital gains.
- ITR 4 filed by Individuals and HUFs who have income from a proprietary business or profession will now be called as Sugam and ITR-4S will be substituted. The form ITR-4S was used for filing ITR by individuals/HUF or Partnership Firm having income from presumptive business.
- Columns relating to standard deductions such as 80C and 80D will nowbe simple.
- The e-filing facility for ITR-1 starts from April 1 onwards that is today.
- Now while filing the IT returns, quoting the Aadhaar number is compulsory. So far quoting only the PAN was mandatory. The inclusion of Aadhaar was made mandatory under an amendment to the Finance Bill 2017.