New ITR Forms Notified AY 2017-18 (i.e. FY 2016-17)

CBDT has notified new Income Tax Return Forms for AY 2017-18 (i.e. FY 2016-17). Some of the salient features/changes of these forms are:

- The total number of ITR Forms has been reduced from the existing nine to seven forms.

- One page simplified ITR Form-1(Sahaj) has been provided for Individuals having income upto Rs 50 lakh (income from salary/one house property/interest income).

- ITR Forms ITR-2, ITR-2A and ITR-3 have been replaced with a single form ITR-2.

- Form ITR 4 (Sugam) for taxpayers opting for presumptive taxation scheme. A new column has been prescribed to mention digital receipts as the rate of presumptive income is 6% for such receipts.

- Cash deposits during demonetization period have to be disclosed in the new ITR forms.

- Aadhar Number is to be quoted.

New ITR Forms Notified AY 2017-18 (i.e. FY 2016-17)

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