NEW DELHI: Salaried individuals will soon be able to file their tax returns using much simpler forms. Starting April 1, individuals with salary and interest income will have fewer columns to fill as some of the columns for claiming income deductions have been clubbed in ITR1 form called ‘Sahaj’.
In the form for Assessment Year 2017-18, deductions claimed under different sections of Chapter VIA have been removed and only mostly used ones have been included.
“Columns that will remain include those for claiming deductions under Section 80C, mediclaim (80D). Those individuals who want to show deductions under other heads can do so by selecting an option,” said an official.
Currently, the ITR 1/Sahaj has 18 different columns for claiming deductions under Section 80 of the Income Tax Act. Under section 80C, a deduction of Rs 1.5 lakh can be claimed from total income for investments in LIC, PPF and repayment of housing loan.
Section 80D provides for tax deduction from the total taxable income for the payment of medical insurance premium.
This deduction is over and above the deduction under Section 80C. “The forms would be notified by this month end as we want assessees to start filing returns from April onwards,” the official added.
The move is to encourage more people to file returns.