Income Tax department launches all seven ITR forms for e-filing

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The Tax Department has launched and activated the seven ITR forms for the electronic filing of taxes by taxpayers, after more than a month of being notified. The Central Direct Tax Board had notified the new Income Tax Declaration forms for the 2018-19 evaluation year on April 5. “All RTIs for AY 2018-19 are now available for electronic filing,” the department said in a statement.

The tax department has released the ITR forms gradually since April 5 as taxpayers have been waiting to file their returns before the stipulated July 31 deadline. The seven ITRs must be filed electronically on the department’s official web portal – https: //www.incometaxindiaefiling.gov.in – except for some category of taxpayers, the CBDT had said. The new ITR forms oblige the salaried class to evaluate their salary deduction and to employers their GST number and billing.

The ITR-1 called ‘Sahaj’ is widely used by the salaried class of taxpayers with incomes of up to Rs. 50 lakh salary, a single property of the house and additional income such as interest accrued from fixed deposits and recurring deposits. This time, the ITR-1 form looks for the details of an employee in separate fields, such as non-exempt subsidies, earnings instead of salary and value of prerequisites among others. This form was used by three crore taxpayers during the last financial year.

Similarly, the ITR-2 form is used by indivisible Hindu individuals and families (HUF), who have income from any source, except earnings from profits and profits from business or profession, including NRIs. Individuals and HUF who have income under the business or profession may submit ITR-3 or ITR-4 in cases of presumed income. The rest of the forms are for different categories of taxpayers. The CBDT, which sets the policy for the tax department, has said that some fields have been “streamlined” in the latest forms and that there is no change in the way the ITR is presented compared to last year.

In the case of non-resident taxpayers, the requirement to provide details of “any” bank account abroad has been provided for the purpose of repayment credit. The requirement to provide details of cash deposits made during a specific period (following the prohibition of 2016 notes) as provided in the ITR form for YY 2017-18 has been “eliminated” this time. The field to mention the 12-digit Aadhaar number or the 28-digit Aadhaar registration ID has been retained in the new forms. The CBDT had 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 reimbursement, may submit ITR in hard copy, using the ITR-1 or ITR-4.