New Income Tax return forms notified; salary breakup, GST ID to be furnished
BY MPOST BUREAU6 April 2018 11:25 PM IST
MPOST BUREAU7 April 2018 4:57 AM IST
New Delhi: The new Income Tax Return (ITR) forms for the assessment year 2018-19 were notified on Friday by the Central Board of Direct Taxes that mandated salaried class assessees to provide their salary breakup and people in business their GST number and turnover.
The policy-making body of the tax department said some fields have been "rationalised" in the latest forms and that there is no change in the manner of filing the ITRs as compared to last year.
All the seven ITRs are to be filed electronically except for some category of taxpayers, the Central Board of Direct Taxes (CBDT) said in a statement.
The most basic — ITR-1 or Sahaj — is to be filled by the salaried class of taxpayers, which was used by three crore taxpayers during the last financial year.
The form this time seeks an assessees salary details in separate fields and in a breakup format such as allowances that are not exempt, the value of perquisites, profit in lieu of salary and deductions claimed under section 16.
These details are provided in Form 16 of a salaried employee, and a senior tax official said that these are now meant to be mentioned in the ITR for clarity of deductions.
The CBDT said the ITR-1 could be filed by an individual who "is resident other than not ordinarily resident and having an income of up to Rs 50 lakh and who is receiving income from salary, one house property or other interest income".
"Further, the parts relating to salary and house property have been rationalised, and furnishing of basic details of salary (as available in Form 16) and income from house property have been mandated," CBDT spokesperson Surabhi Ahluwalia said.
The ITR-2 has "also been rationalised" for individuals and HUFs (Hindu Undivided Families) having income under any head other than business or profession.
"The individuals and HUFs having income under the head business or profession shall file either ITR-3 or ITR-4 in presumptive income cases," the statement said.
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