Articles you may Like
Income tax Department has notified the Income tax return format (ITR) for be followed by the individuals for filing income tax statement before concerned Income tax offices for the year 2009-10 (Assessment year 2010-11).
The new format is known as SARAL II (ITR 1) and the same is meant for individuals having income either from salary, pension, income from one house property (excluding loss brought forward from the previous years) or income from other sources (excluding winning from lottery and income from race horses).
What we could make out from the format of ITR 1 is that it has provisions for declaring the income from house property and income from other sources etc, which were provided under ITR-2 in the previous years. So, almost all salaried class would be coming under ITR-1 now onwards which is relatively a simple format. In the previous years salaried class including central government employees had to file ITR-2 just because they have rental income from the house property. As you know, ITR-2 is a complex form running into 6 pages.
This is really an attempt by IT department to simplify the Annual Income tax returns which should be appreciated.
By the way, GConnect is in the process of providing an online tool to generate ITR-1 online soon for this year also as we did in the previous years.