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New ITR forms notified, details of cash deposits above 2 lakhs, Aadhaar mandatory

LiveMint logoLiveMint 31-03-2017 Remya Nair

New Delhi: The income tax department has notified revised income tax return (ITR) forms aimed at making it easy for even small taxpayers to file tax returns while curbing tax evasion.

Taxpayers earning upto Rs 50 lakh salaried income and owning a house will need to file only a single page tax return form for financial year 2016-17.

However, the tax department has mandated that the taxpayer will have to disclose any cash deposit above Rs 2 lakh made during 9 November and 30 December as the tax department moved to track instances where high value cash deposits after demonetisation do not match the income profile of the taxpayer.

Further, in line with the changes proposed to the income tax act, providing the Aadhaar number or the Aadhaar enrollment number in the income tax return form has been made mandatory.

The tax department has also rationalised various columns relating to tax computation and deductions for easy compliance.

“This will reduce the compliance burden to a significant extent on the individual tax payer. This initiative will benefit more than two crore tax-payers who will be eligible to file their return of income in this simplified form,” said the income tax department in a statement.

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