New I-T returns form seeks info on deposits of demonetised currency

The Income Tax Department has introduced a new form for filing returns that is simpler but includes a new column for detailing cash deposits made by the taxpayer during the 8 November 2016 to 30 December 2016 demonetisation period.

The additional information sought on deposits of demonetised currency will also be applicable for salaried individuals' income tax returns form, called ITR-1 or 'Sahaj', reports quoting official sources said.

Currently, Sahaj (ITR 1) is filed by salaried employees and ITR 2 by individuals and HUFs whose income does not include income from business.

The government has done away with two ITR 2A forms –  used by individuals and HUFs not having income from business or profession and capital gains and who do not hold foreign assets.

Reports also said the new ITR forms will continue having a column asking taxpayers to mention their Aadhaar number but this time it would be mandatory.

The e-verification of ITRs using the Aadhaar will also continue.

The new ITR-1 or 'Sahaj' has been made simpler by bringing together the columns for all deductions and details about assets and liabilities.

The I-T Department is expected to launch nine different ITRs in one go at the start of the new financial year, ie, 1 April  2017-18. Taxpayers can file their ITRs till the stipulated deadline of 31 July.

The new form, notified today, will be available for filing ITR for Assessment Year 2017-18 from Saturday.