New ITR Forms Notified AY 2017-18 (i.e. FY 2016-17)
The Central Board of Direct Taxes has notified Income-tax Return Forms for the Assessment Year 2017-18 (ITR for AY 2017-18). One of the major reforms made in the notified ITR Forms is the designing of a one page simplified 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 / other income (interest etc.) . Various parts of ITR
Form-1 (Sahaj) viz. parts 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. This initiative will benefit more than two crore tax-payers who will be eligible to file their return of income in this simplified Form.
Simultaneously, the number of ITR Forms have been reduced 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) respectively.
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. However, where return is furnished in ITR- 1 (Sahaj) or ITR-4 (Sugam), the following persons have an option to file return in paper form:-
(i) an individual of the age of 80 years or more at any time during the previous year; or
(ii) an individual or HUF whose income does not exceed five lakh rupees and who has not
claimed any refund in the return of income.
|ITR-1 Sahaj||For Individuals having Income from Salaries, one house property, other sources (Interest etc.) and having total income upto Rs.50 lakh|
|ITR-2||For Individuals and HUFs not carrying out business or profession under any proprietorship|
|ITR-3||For individuals and HUFs having income from a proprietary business or profession) (Please see rule 12 of the Income-tax Rules, 1962|
|ITR-4 Sugam||For Presumptive Income from Business & Profession|
|ITR-5||For persons other than,- (i) individual, (ii) HUF, (iii) company and (iv) person filing Form ITR-7|
|ITR-6||For Companies other than companies claiming exemption under section 11]|
|ITR-7||For persons including companies required to furnish return under sections 139(4A) or 139(4B) or 139(4C) or 139(4D) or 139(4E) or 139(4F)|