Its July and the due date for filling returns is around the corner and you should be aware of the changes made in the income tax laws for the assessment year 2017-18.
Here we give you an update on the changes brought in by the government of India for 2017-2018 :
- From July onwards mentioning of Aadhaar or the Enrolment ID of Aadhaar application form has become mandatory for filing tax return.
- To make filling returns smooth mainly in case of those individuals where the non-business income is up to Rs 5 lakh, I-T department has now introduced a simple one-page ITR form to file their I-T returns.
- Individuals who are generating income up to Rs 50 lakh from salary, one house property and bank deposits can use ITR 1, while those individuals and HUFs generating income from other sources like selling real estate, stocks, units of mutual fund, gold etc or EPF/PPF withdrawals will have to use ITR 2.
- The number of ITR Forms have been reduced to 7 from the earlier 9 forms. The old ITR-2, ITR-2A, and ITR-3 are replaced with single ITR-2. The old ITR-4 is renumbered as ITR-3 and so on.
- Introduction of two new sections has been done, section 10 (38) to mention exempt Long-term Capital Gains Tax and section 10 (34) to mention exempt dividend disclosure from Indian companies.
- When you are filing deductions in the new form, you need to check the specific section as only section 80C, 80D, 80G & 80TTA are mentioned and rest of them has been merged in a single window.
So, plan your tax return filling accordingly keeping in mind the above mentioned points.