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New 1 page ITR form notified, e filing to start today

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Taxpayers who had deposited Rs.2 lakh or more after demonetisation, will have to make this disclosure in the new income tax returns (ITR) forms notified on Friday.
The information is also to be furnished in the new onepage, simplified ITR1 ´Sahaj´ form for taxpayers who have income from salary,ahouse property or earn interest totalling up to Rs.50 lakh.
The ITR forms for assessment year 201718 were notified by the Central Board of Direct Taxes (CBDT).
Column PartEof the ITR1 form seeks information on cash deposits made by the assessee between November 9, 2016, and December 30, 2016, if the “aggregate cash deposits” during this period were Rs.2 lakh or more.
Asimilar column has been provided in all the other six ITR forms launched on Friday.
Giving the rationale behind the move,asenior official said “While the government has issued notices under Operation Clean Money after it detected certain large suspicious deposits by people, there could be other instances of deposits of over Rs.2 lakh being made.” The government brought the Pradhan Mantri Garib Kalyan Yojna (PMGKY) for disclosure of black money after note ban with heavy tax and penalty on the undisclosed income, but certain people may not have opted for it, the official said. “Such cases where it is found that the cash deposits do not match,ataxpayer´s profile could be probed after getting this information in the ITRs,” he said.
The official said the threshold of Rs.2 lakh has been fixed so that small taxpayers are not troubled.
Prime Minister Narendra Modi had announced the demonetisation move on November 8 last year, under which the old Rs.500 and Rs.1,000 notes were rendered illegal tender.
The income tax (IT) department has also made furnishing of the 12digit Aadhaar number mandatory, and if not available, the 28digit Aadhaar enrolment ID has to be mentioned in the ITR.
The CBDT, the policymaking body of the ITdepartment, has also reduced the total number of ITR forms to seven from the previous nine this time.The last date for filing ITRs for AY 201718 is July 31.
The threshold of Rs.2 lakh has been fixed so that small taxpayers are not troubled.
Business Stamdard New Delhi,01th April 2017

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