CBDT Seeks Details of Cash Transactions Above Rs 2 Lakh

New Delhi:The Central Board of Direct Taxes on Friday notified a one-page simplified Income Tax Return form. The new form seeks more details from applicants about cash transactions above two lakhs made during the demonetisation drive, Mint reported. It also seeks information about the mandatory linking of tax returns with an individual’s Aadhaar number. The initiative aims to curb tax evasion.

The Income Tax Department’s statement said the new form will make the process easier for over two crore taxpayers. The new form, ITR-1 (Sahaj), covers citizens who earn up to Rs 50 lakh and own one house. Taxpayers who own more than one house will have to file a longer form – ITR-2 – which has been reduced from nine to seven pages. 

All forms are to be filled electronically, the department said on Twitter. Applicants above 80 years of age and those whose income does not exceed Rs 5 lakh and have not claimed refunds may file paper returns.

The Finance Bill passed in the Lok Sabha on March 22 made it mandatory to furnish an Aadhaar card to file income-tax returns from July 1

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