Must know Income Tax return changes in year 2017
The Indian government has made a few changes in the rules for filing income tax returns of 2017-18. Let’s know what the rules...are
There is just one simple question ... How many times has it happened that you have filled an income tax return without any hesitation in any year? Even if this happened last year, there have been some changes in the rules this year, 2017, and these rules may prove to be beneficial in some way or the other for you. In fact, the Indian government has made a few changes to the rules for filing the income tax returns of 2017-18. So let's know what the rules...are
- The first rule is that you now have to link the Aadhaar card with PAN card to file an Income Tax Return.
- The second change has been made to fill income tax returns for those who earn less than 5 lakh annually, only to fill the one page ITR (Income Tax Return) form. Before this it used to be quite a complex form.
- Those people who are getting salary up to 50 lakh in any income, have one house and a bank deposit, they have to fill the ITR1 form and besides, those people who are not getting salaries but are getting income from any other way like Stock market, market investor, free lancer, real estate etc will have to fill out ITR2 form.
- Now the number of ITR forms has decreased. Earlier it used to be 9 and now only 7 forms will be filled. The last ITR-2, ITR-2A, and ITR-3 forms have been replaced and ITR2 has now been formulated. The name of the last ITR4 form has been changed to ITR3.
- Two new sections have been brought in ITR forms. One of them is Section 10 (38) where you have to tell about Long Term Capital Gain Tax and Section 10 (34) where you have to give information about dividends of Indian companies which you have to keep out of the scope of income tax.
- Now, let's take a little more attention to this point that if you are filing income tax deduction, then all the sections except 80C, 80D, 80G and 80TTA have been made inside the same single window. That is, if you miss something out of it you may be in loss.
Let me tell you that 5.56 lakh people have been identified as persons who got unidentified money after this year's Note ban or demonetisation. These are people whose data on the cash deposit does not match their tax profile. Apart from this, 1.04 lakh people have already been identified.
The Government is keeping in mind that tax evasion and scandal can be screwed. However, this is doubtful of how successful it is, but still efforts cannot be called short.