Government today notified a new simplified Income-Tax Return Forms, ITR Forms, for individuals for the Assessment Year 2017-18. The Central Board of Direct Taxes, CBDT, in a release said, one of the major reforms made in the forms is the designing of a one page simplified ITR Form-1, called Sahaj.
This ITR Form- 1 can be filed by an individual having income up to 50 lakh rupees and who is receiving income from salary, one house property and other income including interest. It said, this will reduce the compliance burden to a significant extent on the individual tax payer.
The CBDT said, this initiative will benefit more than two crore tax-payers who will be eligible to file their returns of income in this form. Simultaneously, the number of ITR Forms have been reduced from the existing nine to seven forms. However, 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.