Are you a salaried individual who earns up to Rs. 50 Lakh? If yes then this article can be helpful to you. Like it or not, you have to pay your taxes on an annual basis.It fulfills your moral and social duty as a citizen of India. Since income tax filing is a voluntary act, people out there feel that it is not that important to file their taxes.
Income Tax Filing is important for everybody who’s earning money. Taxes are the only source that generates revenue for the government. If you want to see your country developed, paying taxes can be your contribution.
If you think that tax filing is burdensome, here is a breather for you. Earlier, the tax filing form comprised of 7 pages. All thanks Central Board of Direct Taxes(CBDT) you just have to fill a single form and it’s done.
As per section 139 of the Income Tax Act, 1961, the individuals whose annual income from all the sources during the previous year is more than the maximum amount on which income tax isn’t applicable, must to file their ITR. To save your time and efforts, you can efile your income tax return @ Policybazaar. You can file your ITR from the comfort of your home, that’s the icing on the cake.
The updated form-1 (SAHAJ) is used for the individuals whoarereceiving income from salary/1 House Property or other source of income such as interest etc.It is expected that SAHAJ will benefit more than 2 Crore taxpayers filing ITR for the assessment year 2017-18.
In the updated form, you must report if you have Rs. 2 Lakh(or more)cash deposited in your bank account. In the old form-1, the taxpayer needed to disclose his/her assets and liabilities in details.
Also, you need to mention your long-term capital gains in the newly added section. For hassle-free and easy filing of ITR, the fields that are not utilized are removed for the convenience of the taxpayers.
Linking of Aadhaaris now a compulsion for e filing income tax. There are so many people who have applied for Aadhaarcard but they haven’t received it yet. If you are one of them,you can mention yourenrollment ID for the time being.
The modifications made in ITR form 1 clearly reflect the government’s intentions to makethe tax regimesimpleand non-adversarial. This will be beneficial for salaried individuals, as they (typically)are considered as a low-risk category.
The form-1 will smoothen out the process of e filing income tax. The individual who earns50 Lakh per annumwill be benefitted for this update.
The Criteria of e-filing Income Tax Return
If you want to enjoy the benefits of efiling income tax, you must meet the criteria mentioned below.
- If your income is Rs 5 Lakh or more.
- You must provide an audit report for these sections- 10(23C) (IV), 10(23C) (v), 10(23C) (VI), 10(23C) (via), 10A, 12A (1) (b), 44AB, 80IA, 80IB, 80IC, 80ID, 80JJAA, 80LA, 92E or 115JB of the Income Tax Act.
- You must provide a notice according to Section 11(2) (a) addressing the assessing officer.
- Individuals possessing assets or properties outside the country.
- You need to provide returns U/S 139 (4B) (ITR 7).