All Income Tax Returns Forms Released For E-filing

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    The Income Tax Department of India has launched all seven income tax returns (ITR) forms for e-filing. In a statement released by the Central Board of Direct Taxes said, "All ITRs for AY 2018-19 are now available for e-filing."

    All Income Tax Returns Forms Released For E-filing
     

    On April 5, the department had notified taxpayers about new ITR forms that it will release to file returns. You have to file your returns before July 31.

    Additionally, all the seven forms are required to be filed electronically online. You can file it on www.incometaxindiaefiling.gov.in. Exceptions are made only in some cases like taxpayers older than 80 years of age during the financial year and HUF (Hindu Undivided Family) whose income does not exceed Rs 5 lakhs and who have not claimed a tax refund can file returns in paper form.

    ITR 1 or Sahaj that is largely used by salaried individuals is now restricted to Indian residents with income up to Rs 50 lakh and one house property. Changes have been made to the ITR 1 form to include a detailed breakup of salary and income from property. It will also include interest from fixed and recurring deposits.

    ITR-2 is filed by individuals (including NRIs) and HUF that have income from sources other than profits and gains of business or profession.

    For business income, ITR 3 and 4 are used. Business owners will have to include GST (goods and service tax) number and turnover.

    There has been no change in the manner of filing, it only includes additional fields to be filled. A field to input Aadhaar number or Aadhaar enrollment ID has also been provided.

    Read more about: itr income tax
    Story first published: Saturday, May 26, 2018, 14:28 [IST]
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