One Page ITR 1: CBDT Simplifies Income Tax Return Filing For Individuals
In a step to reduce the compliance burden of around 2 crore tax payers the Central Board of Direct Taxes notified simplified income tax returns (ITR) form for individuals. These ITR forms will be for the assessment year 2017-18 and filed electronically from April 1, 2017.
At present, ITR 1 (Sahaj) is filed by an individual having income from salary, one house property and other income (interest income). From AY 2017-18 ITR 1 will be a simplified one page from where parts relating to deductions and tax computations have been simplified and rationalised for easy compliance, which in turn will reduce the burden of compliance by an individual tax payer to a significant extent having income upto Rs 50 Lakhs. The new ITR 1 (Sahaj) will replace the existing 7-page form.
Sahaj makes quoting of Aadhaar number Permanent Account Number mandatory.
Moreover, number of ITR forms will come down from existing nine to seven.
All the individuals have to fill these forms electronically, except, individuals of the age 80 years and above (in previous year), individual or HUF having income less than 5 lakh and not claiming refund may file paper forms of ITR.