New Form for Income Tax Return (ITR)
It used to be Saral (simple) and has now become Sahaj (easy). The ITR 1, the most widely used tax return form among small taxpayers, has become simpler from this year. Now, even if you have rental income from one house property, you can file your return using this simple 2-page form instead of the relatively voluminous 7-page ITR 2.
Small businessmen and commission agents also have a reason to smile. The 3-page ITR 4S, or Sugam form, is considerably easier than the 21-page ITR 4.
The tax return forms have also become less intrusive. Out goes the much-loathed Annual Information Return section, where one had to declare high-value investments and expenses. Here's a look at the forms that individual taxpayers have to use to file their returns. Keep in mind that these forms have to be downloaded.
Don't use a form downloaded last year to file for this year because the assessment year is already printed on the form.
Source: Economic Times
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