Latest Income tax return filing requirements : All a seafarer needs to know

The government notified on 31st march, a simplified income tax return form for individuals which will be available for filing ITR for Assessment Year 2017-18 ( FY 2016-17) from 1st April.

As a seafarer , we need to know very important key points before filing income tax return.

Do i need to file income tax return?

• If you don't complete NRI status, you must file Income Tax return without fail.

Read : How to calculate NRI status

• If you complete NRI days then there are two conditions

1. If your other income which is taxable, i.e. from property or investments, is less than 2.5 lakhs then you don't have to file income tax.
2. If your other taxable Income is more than 2.5 lakhs, you must file Income tax return.

Can I file Income Tax return on my own?

Yes, you can file Income tax return online. Open efiling website of income tax and follow simple steps. Its very easy.

• Use form ITR-1 if your income is up to Rs 50 lakh a year and you own only one house in your name.
• Those who have income of more than Rs 50 lakh or own more than one house property will have to file ITR - 2 Form.

What are the new changes in Income Tax return for for FY 2016-17?

1. Now, mentioning Aadhar number is mandatory for filing income tax return. You have to mention the 12-digit Aadhaar number or the 28-digit Aadhaar enrolment number while filing the income tax return.
2. In order to account for those who have deposited Rs 2 lakh or more in a bank account during the demonetisation period, the tax department has introduced a new column where the person filing the tax will have to give details of the money deposited and bank account.

Very Important : While filing income tax return, you don't need to show your income earned on board if you have completed NRI days. You can even file showing ZERO taxable income.