The income tax filing season begins with the start of a new financial year. Keeping the timing in check, the Central Board of Direct Tax has notified the income tax return (ITR) forms for individuals as well as companies for the financial year 2018-19 (assessment year 2019-20).
The ITR forms for the year include no changes in ITR-a or Sahaj (that is filed by the salaried class individuals but sections of ITR 2,3,5, 6 and 7 have been rationalised.
ITR for the FY 2018-19 needs to be filed within the end of FY 2019-20, however, to avoid a penalty, you need to file it by 31 July 2019 (for those who do not need to get their accounts audited).
The various ITR forms and who need to file them:
ITR-1 or Sahaj
It should be filed by individuals with a total income of up to Rs 50 lakh in the FY, having income from salaries (or pension), one house property, other sources (like interest), and agricultural income up to Rs 5,000.
It is to be filed by individuals and HUFs who have income exceeding Rs 50 lakh for the year, from salaries (or pension), one house property, other sources (like interest), and agricultural income over Rs 5,000.
For individuals and HUFs having income from profits and gains of business or profession.
ITR-4 or Sugam
It is meant for individuals, HUFs and firms (other than LLP) having a total income of up to Rs 50 lakh and having presumptive income from business and profession.
Those filing ITR-3 and ITR-6 (companies) will have to disclose information regarding turnover / gross receipts reported for Goods and Services Tax included now in ITR-3 and ITR- 6 also. Last year, it was applicable only for those assessees filing ITR-4.
With inputs from PTI