Diclose deposits of Rs 2L or more post note ban in new ITR forms

By: | Published: March 31, 2017 5:18 PM

Taxpayers who deposited Rs 2 lakh or more post demonetisation, will have to make this disclosure in the new Income Tax Returns (ITRs) forms notified today.

The department has also made furnishing of the 12-digit Aadhaar number mandatory and if it is not available the 28-digit Aadhaar enrolment id should be made available.

Taxpayers who deposited Rs 2 lakh or more post demonetisation, will have to make this disclosure in the new Income Tax Returns (ITRs) forms notified today.

The information has to be furnished in the new one-page, simplified ITR-1 ‘Sahaj’ for taxpayers who have income from salary, a house property or earn interest totalling upto Rs 50 lakh. The Central Board of Direct Taxes (CBDT) notified the ITRs forms for assessment year 2017-18, said a PTI report today

Column Part-E of the ITR-1 form seeks information on cash deposits made by the assessee between November 9, 2016 and December 30, 2016 if the “aggregate cash deposits” during this period were Rs 2 lakh or more.

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The department has also made furnishing of the 12-digit Aadhaar number mandatory and if it is not available the 28-digit Aadhaar enrolment id should be made available. The CBDT, the policy-making body of the tax department, has also reduced the total number of ITRs forms to seven from the previous nine.

There is no change in the manner of filing of ITR Forms as compared to last year. All these ITR Forms are to be filed electronically. However, where return is furnished in ITR-1 (Sahaj) or ITR-4 (Sugam), the following persons have an option to file return in paper form:-
(i) an individual of the age of 80 years or more at any time during the previous year; or
(ii) an individual or HUF whose income does not exceed Rs 5 lakh and who has not claimed any refund in the return of income.

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