Everything You Want to Know About New Income Tax Return Form

The news of recent development is coming from the income tax department. It recently notified the income tax return (ITR) forms for the financial year 2017-18 (the assessment year 2018-19). A one-page simplified ITR Form-1 (Sahaj) has been notified. A very interesting thing to know about the new form is that the forms seek more details from individual taxpayers about their salary structure and income from property, say tax experts. The ITR Form-1 (Sahaj) can be filed by an individual who is a resident having income up to Rs.50 lakh and is receiving income from salary, one house property/other income (interest etc.).

For the previous assessment year (2017-18), a one-page simplified ITR Form-1 (Sahaj) was also notified. This benefited around 3 crore taxpayers, who have filed their return in this simplified form, the tax department said.The new Sahaj form seeks an assesses salary details such as allowances that are not exempt, the value of perquisites, profit in lieu of salary and deductions claimed under Section 16. 31st July is the last date to file Income Tax Return.

Experts have their own view about the Sahaj form, one expert claimed that “The Sahaj form has been amended to incorporate the same details for salary and house property as in other forms. Hence, the simplicity of the form has been somewhat diluted. Further, the requirement for GSTIN and turnover as per GST returns for assesses having business or profession has been incorporated, hence the effort has been made to integrate for the check,”

Income tax slabs/rates for FY 2017-18:

General category   Senior citizens   Super senior citizens      
(Up to 60 years of age) (60-80 years) (Above 80 years)
Income Tax Income Tax Income Tax
Up to Rs. 2.5 lakh Nil Up to Rs. 3 lakh Nil Up to Rs. 5 lakh Nil
Rs. 2,50,001-Rs. 5 lakh 5% Rs. 3,00,001-Rs. 5 lakh 5% Rs. 5,00,001-Rs. 10 lakh 20%
Rs. 500,001-Rs. 10 lakh 20% Rs. 5,00,001-Rs. 10 lakh 20% Above Rs. 10 lakh 30%
Above Rs. 10 lakh 30% Above Rs. 10 lakh 30%

Surcharge of 10% for income between Rs. 50 lakh and Rs. 1 crore with marginal relief

Surcharge of 15% for income above Rs. 1 crore with marginal relief

# Rebate of up to Rs. 2,500 for taxable salary up to Rs. 3.5 lakh

# Education and higher education cess of 3%

The amount of income-tax gets increased by a surcharge at the rate of 10 percent of such tax, where the total income exceeds Rs. 50 lakh but does not exceed Rs. 1 lakh. However, the surcharge shall be subject to marginal relief. The amount of income-tax shall be increased by a surcharge at the rate of 15% of such tax, where the total income exceeds Rs. 1 lakh. However, the surcharge shall be subject to marginal relief. To understand the law better, it is required to consult a tax service company and proceed with the income tax return filing at the earliest to avoid any sort of problem.

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