9 Jul 2011

Know about Income Tax Return forms named SAHAJ & SUGAM

Income Tax Return forms named SAHAJ & SUGAM.

Proceeding towards the mission of making the filing of income tax return more easier and hassle free for the income tax payers, Income Tax Department of India has released 2 new income tax forms called SAHAJ and SUGAM.

Income Tax Department claims that both these forms are simple, technology enabled and taxpayer friendly income tax return forms.

Lets talk about SAHAJ. This form is the new name for the ITR-1 form, which was earlier called SARAL. ITR-1 form can be used by the individuals whose total income includes income from salary or pension or income from house property or income from any other sources excluding the income from lottery winning and race horse winnings.

Now coming to SUGAM. As claimed by the IT department this is simplified presumptive business income tax return form that is ITR-4S. This form can be used by individuals or Hindu Undivided Family (HUF) and has been categorised into 2 categories.

First is for the individual or HUF having income from any business except the business of plying, hiring or leasing goods carriages, having total turnover or gross receipt in the year from the business which do not exceed Rs 60 lakhs and is declaring presumptive income from such business at 8% of the total turnover or gross receipts.

Second is for individual or HUF having income from any business of plying, hiring or leasing goods carriages and those who own at most 10 goods carriages at any time during the year and is declaring presumptive income from such business at Rs 5000/- per month for heavy goods vehicle and Rs 4500/- for other than heavy goods vehicle

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1 comment:

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