New ITR forms issued by the CBDT

CBDT In its Press Release dated: 31/03/2017 notified new Income Tax Returns for the AY 2017-18.

The major reforms made were:

1.Designing of one page simplified ITR Form-1(SAHAJ)-It can be filed by an individual having income up to `50,00,000 and who is receiving income from salary, one house property and other income(interest etc.).

  1. Number of ITR Forms has been reduced from existing 9 to 7 forms.
  2. The existing Forms ITR-2, ITR-2A, ITR-3 have been rationalized and a single ITR-2 has been notified in place of these three forms.
  3. ITR-4 and ITR-4S (Sugam) has been renumbered as ITR-3 and ITR-4(Sugam) respectively.
  4. For return to be furnished in ITR-1(Sahaj) and ITR-4(Sugam), the following persons have an option to file return in paper form-

            (i) Individual of age greater than 80 years at any time during the previous year.

           (ii) Individual or HUF having income not greater than `5,00,000 and who has not                                                     claimed any refund in the return.

However, details of all the bank accounts held in India(excluding dormant accounts) at any time during the previous year has to be mentioned along with the details of cash deposited during the period 09.11.16 to 30.12.16 if the aggregate cash deposits during that period are greater than or equal to `2,00,000.

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