Diclose deposits of Rs 2 lakh or more post note ban in new ITR

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Citizens who deposited Rs 2 lakh or more post demonetisation, should make this divulgence in the new Income Tax Returns (ITRs) forms notified today.

The data must be outfitted in the new one-page, improved ITR-1 “Sahaj” for taxpayers who have income from salary, a house property or procure enthusiasm totalling upto Rs 50 lakh.

The Central Board of Direct Taxes (CBDT) advised the ITRs forms for evaluation year 2017-18.

Column Part-E of the ITR-1 shape looks for data on money deposits made by the assessee between November 9, 2016 and December 30, 2016 if the “aggregate cash deposits” amid this period were Rs 2 lakh or more.

The division has additionally made outfitting of the 12-digit Aadhaar number compulsory and on the off chance that it is not accessible the 28-digit Aadhaar enrolment id ought to be made accessible.

The CBDT, the policy-making body of the assessment division, has additionally decreased the aggregate number of ITRs structures to seven from the past nine.

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