The Central Board of Direct Taxes (CBDT) notified the new Income Tax Return forms for the FY 2018-19 on Thursday. The new ITR form seeks a detailed salary break up from salaried class assessees and GST number and turnover from businessmen. Though there is no change in the manner of filing the ITRs as compared to the last year 2017-18, some fields have been rationalized in the latest form. All seven ITRs can be filed electronically except for some category of taxpayers. The new ITRs have been uploaded on the official website of the department–http://www.incometaxindia.gov.in. The last date for filing the Income Tax Return is July 31, 2018.
What are the new additions for salary holders?
The most basic ITR-1 or Sahaj this time seeks salaried taxpayers’ salary break up for clarity of deductions. Details such as allowances that are not exempt, the value of perquisites, profit in lieu of salary and deductions claimed under section 16 should be mentioned in separate fields. These are available in Form 16 issued by the employer. The ITR- 1 can be filed by an individual having an income of up to Rs 50 lakh and who is receiving income from salary, one house property or other interest income. Last financial year (2017-18), 30 million taxpayers filled this form, the tax department said in a statement.
For businessmen and Hindu Undivided family
The Income Tax Return -2 has also been rationalised” for individuals and Hindu Undivided Families (HUFs) having income under any head other than business or profession. Now, the individuals and HUFs having income under the head business or profession shall file either ITR-3 or ITR-4 in presumptive income cases. Businesses with a turnover of less than Rs 2 crore can do away with the requirement of maintaining books of accounts and instead pay a tax on the basis of a certain percentage of their turnover.
The new form provides a relief for NRIs as they can now provide details of their foreign bank accounts to claim credit or refunds. However, they will have to use ITR-2 instead of ITR-1.
The CBDT (Central Board of Direct Taxes) said that individual taxpayers of 80 years or more at any time during the previous year or an individual or HUF whose income does not exceed Rs 5 lakh and who has not claimed any refund, can file Income Tax Return in the paper form, using the ITR-1 or ITR-4.
Souce: Indian Express