Five changes you should know in new amendments of income tax
) Now, mentioning Aadhar number is mandatory to filling income tax return. You will have to mention the 12-digit Aadhaar number or the 28-digit Aadhaar enrolment number while filing the income tax return.
he New ITR- 1 Form is a one page form and it can only be filed by an individual with income of up to Rs 50 lakh a year. This will include salaried income, interest income and income from one house property. "Those who have income of more than Rs 50 lakh or own more than one house property will have to file ITR - 2 Form.
3.The number of income tax forms has been reduced from earlier nine to seven. 'Old ITR-2, ITR-2A and ITR-3 have been done away with and merged to new ITR-2," said Gupta of Cleartax.com. ITR -2A was filed by those having more than one house property. While ITR-3 was filed by those having income from business and profession.
However, for small taxpayers or where where the total income does not exceed Rs five lakh, it is "proposed that the fee amount shall not exceed one thousand rupees."
Further, it added that the "reduced time limits proposed for making of assessment" of I-T cases, as proposed in the latest Finance Bill, are also based on pre-requisite that returns are filed on time."