A crisp income tax form for salaried individuals will be introduced from April 1st, doing away with some columns to simplify the filing of returns.
Individuals with salary and interest income will have to fill fewer columns as some of these for claiming income deductions have been clubbed in ITR-1 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,” an official told PTI.
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.