New Income Tax Return form: Aadhaar Number mandatory, All you Need to know
New Delhi : The income-tax department has notified a simplified one-page tax-return form aimed at making it easier for taxpayers to file their annual returns.You have to mention the 12-digit Aadhaar number or the 28-digit Aadhaar enrolment number while filing the income tax return.
Here are a few things that you should know about the New Income Tax Return form:
1. A press release issued by the tax department says, The New ITR- 1 (Sahaj) Form is a one page form and it can only be filed by an individual with income of up to Rs 50 lakh a year.
2. In order to account for those who have deposited Rs 2 lakh or more in a bank account during the demonetisation period, the tax department has introduced a new column where the person filing the tax will have to give details of the money deposited and bank account.
3. Income Tax Return-2 (ITR-2) is filed by individual tax payers and Hindu Undivided Families (HUF) whose income does not include income from some business.
4. Presently, there are a total of 29 crore taxpayers in country out of which a paltry 6 crore number of people file their Income Tax returns. The e-filing facility for ITR-1 form starts from April 1.
5. For the first time in income tax history, government has made Aadhaar number mandatory at the time of filing income tax returns
6. The Press Trust of India reported that ITR 4 (filed by Individuals & HUFs who have income from a proprietary business or profession) will now be called as 'Sugam' and ITR-4S will be substituted. The form ITR-4S was used for filing ITR by individuals/HUF or Partnership Firm having income from presumptive business.
At the same time, the number of ITR forms have been reduced from the existing nine to seven. In place of ITR-2, ITR-2A and ITR-3, an ITR-2 has been notified in place of these three forms. Subsequently, ITR-4 and ITR-4S (Sugam) have been renumbered as ITR-3 and ITR-4 (Sugam) respectively.
Here is a step for e-filing of income tax returns form:
1. The first step to filing ITR is to register on the income tax department’s tax filing website. It is mandatory to have a PAN Card and Aadhar number for registering.
2. After logging in to the ITR website, you can either download the form (ITR-1 for salaried taxpayers and pensioners), fill it up and upload the completed form online.
3. Once the ITR form has been filled upload or submit the form with the required documents. Salaried taxpayers need to attach Form 16 from their employers and other relevant documents for the deductions.
4. If the form has been filled offline, a XML version of the document needs to be uploaded online. Once the .xml file is ready click on the upload XML tab and files, the IT returns.
5. On submitting the, income tax returns to form an acknowledgement receipt is generated. If a digital signature is used, then this number needs to be preserved. When a digital signature is not used, an IRT-V is directly generated and sent on mail. This is the final step which validates the tax filing process.
Inputs from Agencies