INSUBCONTINENT EXCLUSIVE:
he new ITR forms seek more details from individual taxpayers about their salary structure.
The income tax department recently notified income tax return (ITR)
forms for the financial year 2017-18 (assessment year 2018-19)
A one-page simplified ITR Form-1 (Sahaj) has been notified
The new ITR forms seek more details from individual taxpayers about their salary structure and income from property, say tax experts
The ITR Form-1 (Sahaj) can be filed by an individual who is a resident having income up to Rs.50 lakh and is receiving income from salary,
one house property/other income (interest etc.)
For the previous assessment year (2017-18), a one-page simplified ITR Form-1 (Sahaj) was also notified
This benefited around 3 crore taxpayers, who have filed their return in this simplified form, the tax department said.The new Sahaj forms
seeks an assessees salary details such as allowances that are not exempt, value of perquisites, profit in lieu of salary and deductions
The last date for filing the ITRs is July 31.(Read: Key Changes In New ITR Forms For Assessment Year 2018-19)"The Sahaj form has been
amended to incorporate the same details for salary and house property as in other forms
Hence, the simplicity of the form has been somewhat diluted
Further, requirement for GSTIN and turnover as per GST returns for assesses having business or profession has been incorporated, hence the
effort has been made to integrate for check," said Sandeep Sehgal, director of tax and regulatory at Ashok Maheshwary Associates LLP.(Read:
lakh but does not exceed Rs 1 lakh
of income-tax shall be increased by a surcharge at the rate of 15% of such tax, where total income exceeds Rs 1 lakh
However, the surcharge shall be subject to marginal relief.
