In a bid to reduce the compliance burden on the individual tax payer, the Central Board of Direct Taxes (CBDT) on Friday notified a new simplified Income-tax Return or ITR forms for the current assessment year.
The Board today issued a press statement saying one of the major reforms made in the notified ITR Forms is the designing of a one page ITR Form-1 (Sahaj).
"This ITR form-1(Sahaj) can be filed by an individual having income upto Rs 50 lakh and who is receiving income from salary, one house property and other income," the press statement said.
New Income Tax Return Forms for AY 2017-18
Various parts of ITR Form-1 (Sahaj) parts relating to tax computation and deductions have been rationalised and simplified for easy compliance.
This initiative will benefit more than two crore tax-payers who will be eligible to file their income tax returns in this simplified Form.
The Board has also reduced the number of ITR Forms from the existing nine to seven forms. "The existing ITR Forms ITR-2, ITR-2A and ITR-3 have been rationalized and a single ITR-2 has been notified in place of these three forms. Consequently, ITR-4 and ITR-4S (Sugam) have been renumbered as ITR-3 and ITR-4 (Sugam)," the CBDT said.
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.