This year, individuals can file their income tax returns in the new form Sahaj. The new form can be used by only salaried individuals, pensioners or those earning interest income. The new form is a much more user-friendly income tax return (ITR) form.
The Central Board of Direct Taxes (CBDT) has notified the issue of the tax returns forms for the financial year 2010-11 (assessment year 2011-12). It introduced Sahaj (Income Tax Returns - 1), which replaces the erstwhile SARAL-II. Sahaj is a two-page form that is simpler and user-friendly. The assessee has to mention his permanent account number (PAN) only once in the form.
Sahaj is restricted to individuals with income from salary, pension, one house, and income from other sources. The Income Tax Department has asked taxpayers to furnish details earned from agriculture in Sahaj for the assessment year 2011-12. The Sahaj form has a column devoted to income from agriculture.
The form has a bar code, showing the tax and refund history of a taxpayer. The Department has done away with the column on loss from property.
However, in case you own more than one house, you cannot use this form. Also, in case you have earned longterm capital gains from mutual funds or equity investments, it would make you ineligible to use Sahaj.
Further, the annual information returns (AIR) schedule has been dropped from all forms. Until last year, it formed a part and parcel of the ITR form. This schedule required a disclosure of transactions such as deposits over Rs 10 lakhs, mutual fund investments or credit card payments of over Rs 2 lakhs, property transactions of over Rs 30 lakhs, and purchase of bonds of over Rs 5 lakhs etc.
E filing
The returns can be filed electronically. You need to log in online and download a softcopy of the required re t u r n s form. An XML file needs to be g e n e r at e d and submitted. In case you are using a digital signature, on generation of the 'acknowle d g e m e n t ' , the returns f i l i n g process is c o m p l e t e d . You may take a printout of the a ck n ow l - edgement for yo u r records.
In case the returns is not digitally signed, on s u c c e s s f u l uploading of the ereturns, an ITR-V form will be generated which needs to be printed out by the taxpayer. This is an a ck n ow l - e d g e m e n t - cum-verification form. A duly filled and signed ITR-V form should be mailed to the Income Tax Department at Bangalore by ordinary post within 120 days after the date of transmitting the data electronically.
The last date for filing the returns remains the same - July 31, 2011. So, you now need to start putting the details together and collecting TDS certificates so as to avoid a last-minute rush.
According to an order dated February 10, 2011, the time limit for filing the ITR-V form (120 days from filing the returns) has been extended to July 31, 2011. The stipulation of 120 days means for the financial year 2009-10 (assessment year 2010-11) filing (the last date was July 31, 2010), the ITR-V form had to be submitted before November 30, 2010. Now as a final opportunity for those taxpayers who have not yet sent their ITR-V forms, the last date has been extended to July 31, 2011.
