New Sahaj tax form probes farm income
The Income Tax Department has asked taxpayers to furnish details earned from agriculture in its newly modified I-T return form — Sahaj — for assessment year 2011-12.business Updated: Apr 17, 2011 20:41 IST
The Income Tax Department has asked taxpayers to furnish details earned from agriculture in its newly modified I-T return form — Sahaj — for assessment year 2011-12.
Known as Saral-II and originally meant for the service-class, the Sahaj form has a column devoted to income from agriculture. “This information on agricultural income is for record only and not to be taxed,” a senior I-T official said.
Making I-T return filings simpler and user-friendly, the Central Board of Direct Taxes has issued notification towards introduction of Sahaj and Sugam forms for individual taxpayers and small businessmen.
The introduction of Sugam was announced by finance minister Pranab Mukherjee in his Budget speech to reduce the compliance burden of small taxpayers, who fall within the scope of presumptive taxation. Instead of the earlier 24, now the Sugam form will have only three pages.
The Sahaj form has attractively been designed and will have a bar code, showing the tax and refund history of a taxpayer. The department has done away with the column on loss in income from property.
A taxpayer now has to mention his or her permanent account number (PAN) only once in the form.
“The filing of return for individual salaried people has been simplified significantly with introduction of Sahaj,” the official said.