The latest ITR-1 form, largely used by the salaried tax payers is now available in the official portal for e-filing, the income tax department said. The last date for filing the ITR is July 31.
The single Income Tax Return (ITR) form, notified by the CBDT on April 5, has been put on its website, https://www.incometaxindiaefiling.gov.in, yesterday. “Other ITRs wil be available shortly,” he said. The new ITR forms for the assessment year 2018-19 mandate the salaried class assessees to provide their salary breakup, and businessmen their GST number and turnover.
As part of rationalization of tax policies, the Central Board of Direct Taxes (CBDT) has, recently simplified the income tax return forms. However, there is no change in the manner of filing the ITRs as compared to the last year.
All the seven Income Tax Return forms are to be filed electronically except for some category of taxpayers. The most basic, ITR-1 or Sahaj, to be filled by the salaried class of taxpayers, was used by 3 crore taxpayers during the last financial year.
The taxpayers have to furnish salary details in separate fields and in a breakup format such as allowances that are not exempted, value of perquisites, profit in lieu of salary and deductions claimed under section 16. These details are provided in the 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 Board had said that the ITR-1 can be filed by an individual who “is resident other than not ordinarily resident and having an income of up to Rs 50 lakh. “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,” the Board said.
