Revised ITR form asks to disclose deposits of/above Rs 2 lakh

As per the new ITR form, formulated by the Income Tax department, those who deposited cash of Rs 2 lakh or more in their banks will now have to disclose it in their income tax returns for the recently ended fiscal.

This change is done to support the government’s efforts to wash out the black money through note-exchange exercise.

Additionally, the new tax return form introduced by I-T dept is now simplified to one page for most payers, and is more easy to understand, while besides this, it includes a provision for such a declaration.

The parts relevant to tax computation and deductions have been uncomplicated for easy compliance, which will reduce the compliance burden to a considerable level on an individual taxpayer.

The one page ITR Form-1 is for the individuals having income upto Rs 50 lakh, one residential property and other small income sources like interest, which will cover most taxpayers.