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“Sahaj†and “Sugam†are the two Income tax forms introduced to simplify return filing. As the very name suggests “Simplicity Everywhere†is the theme of “Sahaj†and “Sugamâ€. While “Sahaj†is for salaried people, “Sugam†return form is applicable for small businessmen and professionals covered under presumptive taxation. Moreover salaried individuals with Rs. 5 lakhs income need not file their income tax returns. They only have to file their tax returns if they request any income tax refund. The exemption from filing tax returns comes into effect from the assessment year 2011-2012. The decision, which will come into effect from first week of June 2011, will reduce the compliance burden on small taxpayers. In case where a salary earner has income from other sources like dividend, interest etc. and does not want to file returns, he will have to disclose such income to his employer for tax deduction. The Form 16 issued to salaried employees will be treated as Income Tax Return. Further, “Sugam†form will reduce the compliance burden of small businessmen who fall within the scope of presumptive taxation. Presumptive taxation involves the use of indirect means to ascertain tax liability. Under India’s presumptive taxation, a person carrying on business will not be required to get his accounts audited if the annual total sales, turnover or gross receipts are less than Rs. 60 lakhs and the presumptive tax limit in case of professionals is increased to Rs. 15 lakhs from Rs. 10 lakhs. Government is making its effort to facilitate electronic filing through “Sahaj†and “Sugam†Income Tax Return Forms. The new return forms are in line with the government’s effort to make filing of returns simpler and user-friendly. Tax Returns for Financial Year 2010 -11 (March 2011) has started. Just mail us Form16/ Salary Certificate and details of other income, at info@taxmantra.com . We would take it from there to file your return of income. Taxmantra.com provides complete online taxation solutions for individuals ( Tax Returns + Tax Support + Tax Planning ) – please see this – Services Offered. Taxmantra.com- Providing Complete Online Tax Solutions for Individuals, Not Just Returns .
Prefer e-filing for filing of your tax returns for FY 2010-11
News & FAQs | By ALOK PATNIA | Last updated on Oct 5, 2017
“Sahaj†and “Sugam†are the two Income tax forms introduced to simplify return filing. As the very name suggests “Simplicity Everywhere†is the theme of “Sahaj†and “Sugamâ€. While “Sahaj†is for salaried people, “Sugam†return form is applicable for small businessmen and professionals covered under presumptive taxation. Moreover salaried individuals with Rs. 5 lakhs income need not file their income tax returns. They only have to file their tax returns if they request any income tax refund. The exemption from filing tax returns comes into effect from the assessment year 2011-2012. The decision, which will come into effect from first week of June 2011, will reduce the compliance burden on small taxpayers. In case where a salary earner has income from other sources like dividend, interest etc. and does not want to file returns, he will have to disclose such income to his employer for tax deduction. The Form 16 issued to salaried employees will be treated as Income Tax Return. Further, “Sugam†form will reduce the compliance burden of small businessmen who fall within the scope of presumptive taxation. Presumptive taxation involves the use of indirect means to ascertain tax liability. Under India’s presumptive taxation, a person carrying on business will not be required to get his accounts audited if the annual total sales, turnover or gross receipts are less than Rs. 60 lakhs and the presumptive tax limit in case of professionals is increased to Rs. 15 lakhs from Rs. 10 lakhs. Government is making its effort to facilitate electronic filing through “Sahaj†and “Sugam†Income Tax Return Forms. The new return forms are in line with the government’s effort to make filing of returns simpler and user-friendly. Tax Returns for Financial Year 2010 -11 (March 2011) has started. Just mail us Form16/ Salary Certificate and details of other income, at info@taxmantra.com . We would take it from there to file your return of income. Taxmantra.com provides complete online taxation solutions for individuals ( Tax Returns + Tax Support + Tax Planning ) – please see this – Services Offered. Taxmantra.com- Providing Complete Online Tax Solutions for Individuals, Not Just Returns .