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
- 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.
- 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?
- 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.
- 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.
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