Taxpayers with annual income up to Rs 50 lakh will have to submit details of any cash deposits of over Rs 2 lakh into their bank accounts during the period of demonetisation in the new income tax return forms.

The information has to be furnished in the new one-page, simplified Income Tax Return (ITR) form–I or ‘Sahaj’ that was notified by the Central Board of Direct Taxes on Friday.

Part E of the form has sought details on “cash deposited during November 9, 2016 and December 30, 2016 if aggregate cash deposits during the period was over Rs 2 lakh.

The CBDT has also made it mandatory to furnish the 12-digit Aadhaar number mandatory and if it is not available, then the 28-digit Aadhaar enrolment id.

“Various parts of ITR Form-1 (Sahaj) such as those relating to tax computation and deductions have been rationalised and simplified for easy compliance,” said the CBDT on Friday, adding that it will reduce the compliance burden to a significant extent for over two crore individual taxpayers.

The CBDT has also reduced the number of ITRs to a total of seven.

“The existing ITR Forms ITR-2, ITR-2A and ITR-3 have been rationalised and a single ITR-2 has been notified in place of these three forms,” it said, adding that TR-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 returns and all the ITRS can be filed electronically.

The option of filing paper returns has been extended to individuals over 80 years of age and to people or HUFs whose income does not exceed Rs 5 lakh and who did not claim any refund in the return of income,

Related Topics
comment COMMENT NOW