INSUBCONTINENT EXCLUSIVE:
All seven ITRs are to be filed electronically on the official web portal of the department
After more than a
month of notifying them, the Income Tax Department today launched and activated all the seven ITR forms for e-filing by taxpayers
The Central Board of Direct Taxes (CBDT) had notified the new Income Tax Return forms for the assessment year 2018-19 on April 5
"All ITRs for AY 2018-19 are now available for e-filing," the department said in a statement
The tax department has launched the ITR forms gradually since April 5 as the taxpayers have been looking forward to file their returns
electronically on the official web portal of the department -https://www.incometaxindiaefiling.gov.in - except for some category of
their GST number and turnover.The ITR-1 called 'Sahaj' is largely used by the salaried class of taxpayers with income up to Rs 50 lakh from
salary, one house property only and additional income such as interest earned from fixed deposits and recurring deposits
This time, the ITR-1 form seeks an assessee's details in separate fields such as allowances not exempt, profit in lieu of salary and value
used by individuals and Hindu Undivided families (HUFs), who have income from any sources except income from profits and gains of business
or profession, including NRIs.Individuals and HUFs having income under the head business or profession can file either ITR-3 or ITR-4 in
The rest of the forms are for different category of taxpayers.Income tax return (ITR) forms uploaded on
https://incometaxindiaefiling.gov.in:ITR 1: The income tax return 1 is meant for individuals who are residents other than not ordinarily
resident having income from salaries, one house properly, other surces (interest etc) and having total income upto Rs 50 lakhITR 2: This
form is meant for the individuals and HUFs not having income from profits and gains of business or profession.ITR 3: This form is meant for
individuals and HUFs having income from profits and gains of business or profession.ITR 4: This form is meant for those with presumptive
income from business and profession.ITR 5: This form is meant for the persons other than a) individuals b) HUFs c) company d) person filing
form ITR-7ITR 6: This form is meant for the companies other than companies claiming exemption under section 11ITR 7: This form is meant for
persons including companies required to furnish return under sections 139 (4A) or 139 (4B) or 139 (4C) or 139 (4D) or 139 (4E) or 139
(4F)The CBDT, which makes policy for the tax department, had said that some fields have been "rationalised" in the latest forms and that
there is no change in the manner of filing of the ITRs as compared to last year
In case of non-resident taxpayers, the requirement of furnishing details of "any one" foreign bank account has been provided for the purpose
of credit of refund.The requirement of furnishing details of cash deposits made during a specified period (in the wake of the note ban of
2016) as provided in the ITR form for the AY 2017-18 has been "done away with" this time
The field to either mention the 12-digit Aadhaar number or the 28-digit enrolment Aadhaar ID has been retained in the new forms
The CBDT had said 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 ITRs in the paper form, using the ITR-1 or ITR-4
