The many benefits of filing your income tax returns on time
By Team Legistify / 2017-04-11

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The time for filing income tax returns is once again upon us. Most people regard this task as a burden. But filing returns will in the future help you account for certain incomes that may not be subjected to tax – stocks investments of over one year, for example. Many are not even aware that those earning income above a certain threshold, compulsorily need to file returns, even though their taxes are paid via tax deduction at source or TDS.

Every year, the income tax department takes steps to make the process of filing return simpler and to encourage more people to participate in this annual exercise. Some of the measures it has already taken include simplified tax return forms, allowing paperless filing of returns, providing pre-filled tax return forms, and so on.

Simplified forms

The authorities have introduced a one-page ITR Form-1 (Sahaj). It’s  meant for individuals with income up to Rs 50 lakh and owningone house property. Assets and liabilities section has been eliminated from the ITR-1 (Sahaj), as an individual with income over Rs 50 lakh cannot use it. ITR forms like ITR-2, ITR-2A and ITR-3 have been merged into a single ITR-2. ITR-4 and ITR-4S (Sugam) have been renumbered as ITR-3 and ITR-4 (Sugam), respectively.

From this year onwards, it is mandatory to provide the 12-digit Aadhaar number. If the assessee doesn’t have an Aadhaar card, then he needs to provide the enrolment ID. Also, an individual needs to disclose the cash deposited during demonetisation (between November 9 and December 30 last year) if the total amount was more than Rs 2 lakh.

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