Income Tax filing every year is a new experience for a lot of working folks. From disclosing income sources to paying advance tax, there are a lot of things that one can talk about. This time, we talk about IT filing. You still have to do it in 2017 as you had to in 2016. The advisory of disclosing everything applies this time too. The process has not changed either. However, here are three ways in which IT filing will become easier in 2017. Read on to find out.
IT Filing Made Easier in 2017
Simpler IT Form
In 2017, individual tax payers get to fill the ITR form-1. This form is just one page long and covers individuals having income of up to Rs 50 lakh. This form is called Sahaj form, named so to signify that it makes the process of filing Income Tax easier. Isn’t that what everybody wants? A simpler form for IT filing? Now, there is one in 2017.
In 2017, the income tax department has reduced the number of forms from nine to seven. So, the ITR Form-2, Form-2A and Form-3 have been replaced by a single Form-2. Similarly, Form-4 and Form-4A have been renamed Form-3 and Form-4 (Sugam). While reducing the number of forms may not seem like much, it reduces the complexity in the IT filing procedure. Now, you have to choose one from seven forms instead of nine, which will cause less of a headache than before.
You still have to file IT online in 2017. While that remains the same as in 2016, the fact that there are lesser forms to deal with eases this process. Adding to the simplicity of online filing is the simpler Form-1, which will undoubtedly be the pick of the litter for majority of India.
IT filing has never been easier than it is right now. With government’s push for digitisation and simplification of ITR process, millions of taxpayers will, directly or indirectly, benefit from. The last date for IT filing for Assessment Year 2017-18 (Financial Year 2016-17) for individuals is July 31, 2017. For businesses, the last date to file ITR is September 30, 2017. So, get on with the process fast and always pay your taxes on time. Do not forget to tune into FinGyan.