CBDT facilitates seamless tax payment; notifies simplified ITR form

New Delhi [India], Apr. 5 (ANI): The Central Board of Direct Taxes(CBDT) on Thursday released a one-page simplified Income Tax Returns (ITR) Form-1(Sahaj) for the assessment year 2018-19, similar to that of the previous assessment year.

This initiative, the CBDT said, benefited around three crore taxpayers, who filed their return in this simplified Form.

Therefore, for the assessment year 2018-19 also, the CBDT released a one-page simplified ITR Form-1(Sahaj), which can be filed by an individual having income up to Rs.50 lakh and who is receiving income from salary, one house property / other income such as interest and so on.

Further, the parts relating to salary and house property have been rationalised and furnishing of basic details of salary (as available in Form 16) and income from house property have been mandated.

ITR Form-2 has also been rationalised by providing that individuals and HUFs having income under any head other than business or profession shall be eligible to file ITR Form-2. The Individuals and Hindu Undivided Family (HUFs) having income under the head business or profession shall file either ITR Form-3 or ITR Form-4 (in presumptive income cases).

In case of non-residents, the requirement of furnishing details of anyone foreign Bank Account has been provided for the purpose of credit of refund. Further, the requirement of furnishing details of cash deposit made during a specified period as provided in ITR Form for the Assessment Year 2017-18 has been done away with from Assessment Year 2018-19.

However, no change has been implemented in the manner of filing ITR Forms as compared to last year and will continue to be filed electronically.

On the other hand, the CBDT said where return is furnished in ITR Form-1 (Sahaj) or ITR-4 (Sugam), the following persons have an option to file return in paper form:-

-an individual of the age of 80 years or more at any time during the previous year; or

-an individual or HUF whose income does not exceed five lakh rupees and who has not claimed any refund in the Return of Income. (ANI)

This story has not been edited. It has been published as provided by ANI