All ITR Forms ready for E-Filing: Income Tax Dept

Income Tax Return Document - Income Tax Return - Finance Ministry - Taxscan

The income Tax department has launched all the income tax forms for e-filing. This is after more than a month of them being notified.

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 before the stipulated deadline of July 31.

All seven ITRs are to be filed electronically on the official web portal of the department -https://www.incometaxindiaefiling.gov.in – except for some category of taxpayers, the CBDT had said.

The new ITR forms mandate the salaried class assesses to provide their salary breakup, and businessmen their GST number and turnover.

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.

Recently, the department has enabled ITR-1 which is largely used 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, recurring deposits among others.

The ITR-2 is 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.

The persons having income from following sources are eligible to file ITR 3, i.e, (i) carrying on a business or profession, or (ii) Return may include income from House property, Salary/Pension and Income from other sources.

A few days ago, ITR-4 for professionals and self-employed individuals who have opted for the presumptive income scheme was launched in the e-portal.

ITR-5 has to be filed by a person being a firm, LLPs, AOP, BOI, artificial juridical person referred to in section 2(31)(vii), cooperative society and local authority.

ITR-7 is filed when persons including companies fall under section 139(4A) or section 139 (4B) or section 139 (4C) or section 139 4(D).

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