New Delhi: The Central Board of Direct Taxes notified the new Income Tax Return (ITR) forms for financial year 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 last year, some fields have been rationalised 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–www.incometaxindia.gov.in. The last date for filing the ITR is July 31.
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, value of perquisites, profit in lieu of salary and deductions claimed under section 16 should be mentioned in separate fields. These are available in the Form 16 issued by the employer. The ITR- 1 can be filed by an individual having income of up to Rs 50 lakh and who is receiving income from salary, one house property or other interest income. Last year, 30 million taxpayers filled this form, the tax department said in a statement.
For businessmen and Hindu Undivided family
The ITR -2 has also been rationalised for individuals and HUFs (Hindu Undivided Families) 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 has done away with furnishing details of cash deposits during demonetisation as provided in ITR form for the Assessment Year 2017-18. The new form now facilitates space for 12-digit Aadhaar number. Senior citizens who are 80 and above and have not claimed any refund, can file ITR in the paper form, using the ITR-1 or ITR-4.