Government is considering to re-introduce “Saral” form filing Income Tax return. Saral form was discontinued in 2007-08. If “Saral” form is re-introduced, individuals having only interest income and salary can file the Income Tax returns easily.
Currently tax payers are using ITR-1, ITR-2, ITR-3 and ITR-4 for filing returns. Salaried person or tax payers will have PAN card. PAN card has all details of income stream and tax payer. Saral form will make filing of Income Tax Return simple and easy for individual tax payers.
Under TDS, employer deducts tax from monthly salary of his employee and deposits the same with government. Banks will deduct tax from interest before crediting into the account. The bank will have to deposit the same with government. While depositing the tax, bank and employee must file returns showing the details of tax collected and income of employee. Saral form was discontinued by department, and introduced new series of forms for IT returns.
Form Nos. 16, 16A and 27D have been amended. These amended forms call for some additional information like, ‘TDS Certificate Number’, ‘TDS Unique Transaction Number (UTN)’ and ‘Status of Validation of PAN by Income-tax Department. Unique Transaction Number (UTN) has made mandatory for filing returns. Department has asked assesses to quote the UTN whose tax is deducted at source. Assesses must ensure that the deductor and the collector have provided them with separate UTNs in respect of each TDS and TCS transaction.
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