The Government on Saturday notified a simpler, one-page form for filing income tax returns while making it mandatory to quote Aadhaar number and disclose bank deposits of more than Rs 2 lakh post demonetisation. The I-T Return Form-1 (Sahaj) will replace the 7-page form, removing a plethora of columns on deductions from income claimed. Sahaj can be filed by an individual having income of up to Rs 50 lakh from salary, house property and interest. Currently, Sahaj (ITR 1) is filed by salaried employees and ITR 2 by individuals and HUFs whose income does not include income from business.
The Government has done away with form ITR 2A (used by individuals & HUFs not having income from business or profession and capital gains and by those who do not hold foreign assets). Sahaj makes quoting of 12-digit biometric identifier Aadhaar number mandatory along with PAN and also seeks details of cash in excess of Rs 2 lakh that was deposited in bank accounts in the 50-day post-note ban window. ITR 2 and ITR 3 have a Schedule Al requiring assessees to declare their assets and liabilities at the end of the fiscal,