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Discussion on Changes in Itr's for Ay2017-18

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DISCUSSION ON CHANGES IN ITR’S FOR A.Y.2017-18 (F.Y.2016-17) Year on Year Summary of e-Filed ITR Forms FY 2015-16 FY 2016-17 S.No. Form (From 01/04/2015 (From 01/04/2016 Growth (%) to 31/03/2017) to 31/03/2017) 1 ITR-1 17946687 21455515 19.55 2 ITR-2 2236078 2189065 -2.1 3 ITR-2A 1174205 1672759 42.46 4 ITR-3 888598 966823 8.8 5 ITR-4S 8135210 11857709 45.76 6 ITR-4 10646974 12390871 16.38 7 ITR-5 1252465 1261922 0.76 8 ITR-6 778069 801115 2.96 9 ITR-7 285451 272258 -4.62 Grand Total 4,33,43,737 5,28,68,037 21.97 State wise receipt of e-Returns (Upto 31/03/2017) Number of S.No State e-Returns 1 ANDAMAN AND NICOBAR ISLANDS 20740 2 ANDHRA PRADESH 1740197 3 ARUNACHAL PRADESH 15547 4 ASSAM 609817 5 BIHAR 1255566 6 CHANDIGARH 232706 7 CHHATISGARH 775608 8 DADRA & NAGAR HAVELI 28001 9 DAMAN & DIU 18561 10 DELHI 3124986 11 GOA 185605 12 GUJARAT 5603476 13 HARYANA 1962600 14 HIMACHAL PRADESH 395001 15 JAMMU & KASHMIR 334953 16 JHARKHAND 860938 17 KARNATAKA 3100057 18 KERALA 1230252 19 LAKSHADWEEP 1620 20 MADHYA PRADESH 2075149 State wise receipt of e-Returns (Upto 31/03/2017) S.No State Number of e-Returns 21 MAHARASHTRA 8862278 22 MANIPUR 26618 23 MEGHALAYA 26821 24 MIZORAM 2579 25 NAGALAND 14382 26 ORISSA 898366 27 PONDICHERRY 71321 28 PUNJAB 2400256 29 RAJASTHAN 3358142 30 SIKKIM 11292 31 STATE OUTSIDE INDIA 38410 32 TAMILNADU 3203946 33 TELANGANA 1578492 34 TRIPURA 55334 35 UTTAR PRADESH 4712660 36 UTTARANCHAL 590216 37 WEST BENGAL 3445544 Total 5,28,68,037 Highlights of e-Filing No of Registered Users as on 31/03/2017 62134605 Peak rate of receipt of returns per day : (31/03/2017) 2179355 Peak rate of receipt of returns per hour : (31/03/2016) 185825 Peak rate of receipt of returns per minute: (05/08/2016) 4795 Percentage of returns received outside office hours 41.553 Percentage of returns filed using Utility provided by Department 51.001 e-Verified ITRs (AY 2016-17) 12113223 POPULATION OF INDIA 2017 Current Population of India in 2017 1,349,552,768 (1.34 billion) As of April 07, 2017 Total Male Population in India 696,909,049 (69.6 crore) Total No of Females in India 652,643,718 (65.2 crore) Sex Ratio 945 females per 1,000 males Age structure 0 to 25 years 50% of India's current population Currently, there are about 51 births in India in a minute. Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes New Delhi, 31st March, 2017. PRESS RELEASE CBDT notifies new Income Tax Return Forms for AY 2017-18 The Central Board of Direct Taxes has notified Income-tax Return Forms (ITR Forms) for the Assessment Year 2017-18. One of the major reforms made in the notified ITR Forms is the designing of a one page simplified ITR Form-1(Sahaj). This ITR Form- 1(Sahaj) can be filed by an individual having income upto Rs.50 lakh and who is receiving income from salary one house property / other income (interest etc.). Various parts of ITR Form-1 (Sahaj) viz. parts relating to tax computation and deductions have been rationalised and simplified 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. Simultaneously, the number of ITR Forms have been reduced from the existing nine to seven forms. The existing ITR Forms ITR-2, ITR-2A and ITR-3 have been rationalized and a single ITR-2 has been notified in place of these three forms. Consequently, ITR-4 and ITR-4S (Sugam) have been renumbered as ITR-3 and ITR-4 (Sugam) respectively. 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 five lakh rupees and who has not claimed any refund in the return of income, The notified ITR Forms are available on the department‘s official website www.incometaxindia.gov.in (Meenakshi J Goswami) Commissioner of Income Tax (Media and Technical Policy) Official Spokesperson, CBDT. ITR-l SAHAJ ITR-l SAHAJ PERSONS ELIGIBLE TO USE THIS FORM This Return Form is to be used by an individual whose total income for the assessment year 2017-18 includes:- (a) Income from Salary/ Pension; or (b) Income from One House Property (excluding cases where loss is brought forward from previous years); or (c) Income from Other Sources (excluding winning from lottery and income from Race Horses, Income taxable under section 115BBDA or Income of the nature referred to in section 115BBE) (d) Exempt income u/s. 10(38). NOTE: Further, in a case where the income of another person like spouse, minor child, etc. is to be clubbed with the income of the assessee, this Return Form can be used only if the income being clubbed falls into the above income categories. PERSONS NOT ELIGIBLE TO USE THIS FORM This Return Form should not be used by an individual whose total income for the assessment year 2017-18 exceeds Rs.50 lakh or includes,- (a) Income from more than one house property; or (b) Income from winnings from lottery or income from Race horses; or (c) Income taxable under section 115BBDA; or (d) Income of the nature referred to in section 115BBE; or (e) Income under the head ―Capital Gains‖ e.g., short-term capital gains or long-term capital gains from sale of house, plot, shares etc.; or PERSONS NOT ELIGIBLE TO USE THIS FORM (f) Agricultural income in excess of Rs.5,000; or (g) Income from Business or Profession; or (h) Loss under the head ‗Income from other sources‘; or (i) Person claiming relief under section 90 and/or 91; or (j) Any resident having any asset (including financial interest in any entity) located outside India or signing authority in any account located outside India; or (k) Any resident having income from any source outside India. CHANGES IN ITR-l SAHAJ Change - 1 Old ITR Assessment Year ITR-1 SAHAJ INDIVIDUAL INCOME TAX RETURN (For Individuals having Income from Salaries, One house property, Other sources (Interest etc.) Refer to Instructions for eligibility.) 2 0 1 6 - 1 7 New ITR Change - 2 Old ITR (A27) Whether you have Aadhaar (A28) If A27 is yes, please Yes No Number provide New ITR Earlier not mandatory but now it is mandatory. PAN and AADHAAR linking NOT feasible Linking of PAN and AADHAAR has been made mandatory for filing of Income Tax Returns; this has created unnecessary and undue hardship on the tax payers. When one tries to link the following message appears (simultaneously): ERROR MESSAGE: 1. Name etc does not match with AADHAAR Data base 2. Aadhaar Number that you have entered does not exist in Aadhaar Data Base. Please enter a valid Aadhaar Number The error message does not highlight the discrepancies; rather, one has to compare both and discover themselves what exactly is the mismatch. The Second message creates a doubt about the authenticity of the Aadhaar Number itself. Issue of PAN Card began nearly 25 years back; the purpose was different and limited and no one had a clue that it might create such a chaos and panic. Aadhaar card does not insist for the expansion of the initials and almost everyone got the Aadhaar registration with initials. Even the Educational and Academic records do not insist for the expansion of the initials. Therefore, at the time of linking, in most of the cases, mismatches are bound to happen. It is also said that the Aadhaar system does not recognize special characters like apostrophe and because of this many are facing an unsolvable problem. South Indians do not have a Sur Name. They keep their Native place as their first word of their name followed by fathers name and finally their own name. PAN has no provision for such a pattern. Forcing South Indians to follow a different pattern other than their own is nothing but unethically encroaching on their cultural and traditional beliefs. All these should have been looked in to before making the linking of PAN and AADHAAR mandatory. Now, link Aadhaar with PAN through ID proof scan, OTP Individuals struggling to link their Permanent Account Number with Aadhaar because of differently spelt names can now simply upload a scanned copy of PAN to get the work done. Besides, the tax department is planning to introduce an option on the efiling portal through which taxpayers can choose to link the Aadhaar without changing the name by opting for a One Time Password (OTP), provided that the year of birth of the person matches in both documents. With the linking of PAN with Aadhaar being made mandatory, individuals can log on to efiling website of the income tax department or NSDL but the seeding cannot happen if the name is differently spelt in the two cards like use of full name in PAN and initials in Aadhaar.
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