The Ministry of Finance, Government of India is introducing a new form for filing income tax returns. The new ITR form for salaries class will come into force from April 2017.
The single page IT Returns form will be applicable for the salaried individuals with earnings upto Rs. 50 lakhs per annum and getting rent from a house.
Present IT returns form is in three pages. About 29 crore people have PAN cards in the country. Out of these, only 6 crore people are submitting IT returns. The Government is aimed at increasing the number of people comes under IT returns purview through making the process simple and hassle free.
Finance Minister in his budget speech has mentioned that a single page IT returns form will be introduced for salaries persons with less than Rs. 5 lakhs income per annum. But the limit has been extended to Rs. 50 lakhs per annum.