New Income Tax Return forms for 2018-19 uploaded: CBDT
New Delhi : The Central Board of Direct Taxes (CBDT) on Thursday announced that the new Income Tax Return (ITR) forms for the assessment year 2018-19 have been uploaded on the official website. Last date to fill it is July 31.
No changes have been incorporated in the process of filing an ITR as compared to last year. However, some fields have been rationalised to make it an easy process, CBDT said in a statement.
ITR 1 is to be filed by the salaried class of taxpayers, which was used by 3 crore taxpayers during the last financial year. The form this time seeks an assessee’s details in separate fields such as allowances not exempt, profit in lieu of salary and value of prerequisites among others, reports PTI.
The ITR-1 can be filed by an individual who “is resident other than not ordinarily resident and having income of up to Rs 50 lakh and who is receiving income from salary, one house property or other interest income”, CBDT said.
CBDT spokesperson Surabhi Ahluwalia been quoted as saying, “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.”
According to the statements by CBDT, the ITR 2 has also been rationalised for the individuals and HUFs.
“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.
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, it said.
This year also a field to mention Aadhaar number or the enrolment ID has been kept in the form.
The ITR returns can be easily e-verified with the help of Aadhaar numbers.