In his budget speech, the finance minister had indicated that to make the tax filing process simpler, the erstwhile Saral form will be make a comeback. On 23rd April, Income Tax Department has come out with new income tax return form named 'Saral-II', that seeks to make tax filing easy for the assesses and gather information on TDS paid on salary and interest.
Saral II (ITR-1) can be used only by specific taxpayers — individuals having income from salary/ pension/ income from one house property (excluding loss brought forward from previous years)/ income from other sources (excluding winning from lottery and income from race horses). That means, only those who earn a living from salary, pension or interest income may use this form. Moreover owning more than one house makes one ineligible.
The form can be accessed here.
Saral II (ITR-1) can be used only by specific taxpayers — individuals having income from salary/ pension/ income from one house property (excluding loss brought forward from previous years)/ income from other sources (excluding winning from lottery and income from race horses). That means, only those who earn a living from salary, pension or interest income may use this form. Moreover owning more than one house makes one ineligible.
The form can be accessed here.
While this is a welcome move, changes are also needed at a fundamental level as our tax laws; it’s still complex for common people and subject to different interpretations.
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