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.