There have been several changes in income tax filing rules in the past one year which every individual should know before e-filing income tax returns.
Individuals having PAN have to link it to their Aadhaar number from July to complete the process of filing income tax returns.
The last date of filing income tax returns is 31st July. Take advantage of this time to file your income tax returns as soon as possible.
There are lots of benefits of filing income tax returns early:
- Carry forward losses.
- Avoid legal repercussions.
- Review and revise your return.
- Faster refund process.
The income tax department has made important changes in Income Tax Return Form-1 Sahaj to make income tax return process simpler and easy.
Feature of New income tax return form-1 Sahaj:
- Single page form.
- It reduces the compliance burden to a significant extent on the individual tax payer.
- It will benefit more than 2 crore tax-payers eligible for filing income tax returns in this simplified form.
- e-filing income tax returns.
Eligibility for ITR-1
- Income from salary or pension
- Income from one house property.
- Income from other sources excluding lottery and horse racing.
Changes in ITR-1 form:
- Mentioning Aadhaar details is mandatory in ITR-1 form.
- There is new column for reporting cash deposits in bank accounts during demonetisation period if they have deposited 2 lakh or more than 2 lakh.
- Details of savings and current accounts.
- TDS and TCS have been merged into 1 in order to make ITR-1 form simpler.
- It is mandatory to e-file income tax returns for individuals.
Click here for ITR-1 Form.
ITR-1 form structure:
- Part A-General Information
- Part B-Gross total Income
- Part C-Deductions and total taxable income
- Part D-Computation of tax payable
- Part E-Other information
- Schedule IT-Detail of advance tax
- Schedule TDS-Detail of TDS/TCS
