On Friday, The government notified a simplified income tax return form for individuals which will be available for filing ITR for assessment year 2017-18 from Saturday.
As of now, SAHAJ (ITR 1) is recorded by salaried workers and ITR 2 by people and HUFs whose pay does exclude pay from business.
The administration has discarded two structures ITR 2A (utilized by people and HUFs not having pay from business or calling and capital additions and who don’t hold remote resources).
Just 6 crore out of 29 crore people holding changeless record number (PAN) document salary assessment forms at present.
The e-documenting office for ITR-1 is empowered from April 1 and ITRs can be recorded till the stipulated due date of July 31.
At the season of documenting the shape, the citizen needs to fill in PAN, Aadhaar number, individual data and data on assessments paid. TDS will be auto-filled in the frame.
Post July 1, according to alterations to the Finance Bill 2017 as go by the Lok Sabha, it would end up noticeably required for an assessee to give the Aadhaar number or the number demonstrating that he has connected for Aadhaar in the ITR.
Likewise ITR 4 (recorded by Individuals and HUFs having pay from an exclusive business or calling) will now be known 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.