The catch would be people will have to declare their cash deposit post note ban.
New Delhi: In a major relief to salaried class, they will have to file only one page income-tax return for assessment year 2017-18. However, in line with the Modi government’s policy of crackdown on blackmoney, people will have to declare cash deposits in banks of over Rs 2 lakh during demonetisation period: between November 9-December 30.
This will allow I-T department to seek explanation from people about whom it has information that they have unaccounted deposited huge sums in banks after demonetisation. The limit has been kept at Rs 2 lakh so as not to harass small tax payers.
Tax payers will also need to quote their Aadhaar number while filing their returns as per the recently passed amendments in the Finance Bill.
The 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 interest. Income Tax Return Form-1 (Sahaj) will replace the cumbersome 7-page form.
This initiative will benefit more than two crore tax-payers who will be eligible to file their return of income in this form.
Various parts of Sahaj relating to tax computation and deductions have been rationalised and simplified for easy compliance.
This will reduce the compliance burden to a significant extent on the individual tax payer.