To encourage more individuals to file returns and widen the tax net, the government is set to introduce a single-page income tax (I-T) return form from April 1.
This will be for those with annual salaried income up to Rs 50 lakh, much higher than Rs 5-lakh limit proposed in the Union Budget, Revenue Secretary Hasmukh Adhia told Business Standard.
He added this would only be for those with salaried and one house rent income.
There are 290 million PAN card holders (the I-T dept identification) but only 60 mn return filers.
Currently, the I-T form is three pages. It was simplified two years ago, when a controversial provision for mandatory disclosure of foreign trips and dormant bank accounts was removed.
“To expand the tax net, I also plan to have a simple one-page form to be filed as I-T Return for the category of individuals having taxable income up to Rs 5 lakh, other than business income,” Finance Minister Arun Jaitley had announced in the 2017-18 Budget. Read More