IT Department releases forms for e-filing returns for AY 2018-19

TomorrowMakers ™

IT Department releases forms for e-filing returns for AY 2018-19

29 May 2018
With tax filing season around the corner, the IT department has released e-filing forms for AY 2018-19. Here's what you should know.

The ITR department has released the new forms for e-filing of tax returns for the assessment year 2018-19. The last date for e-filing is 31 July, giving taxpayers a two-month window to get their records in order and file their returns.

The forms have been classified as ITR 1 through 7 depending on the category of the taxpayer, with ITR 1 being for resident salaried employees.

Related: Income Tax Returns: Who should file them and when?

What has changed?

The Central Board of Direct Taxes (CBDT) claimed at the time of notification that although the process of filing remains the same, the forms have been simplified. Those who are 80 years or older and HUFs with income below Rs 5 lakh have been allowed paper filing. Everyone else is required to conform to e-filing standards.

Related: 8 Myths about tax filing debunked

Related: How to File your Income Tax Returns (ITR) Online | Tomorrowmakers

 

Some fields such as the requirement for filling in the cash deposit in 2017-18 following demonetisation have been removed, while other fields such as Aadhaar number have been retained. Some new fields – such as profit in lieu of salary in ITR 1 – have been added. All in all, some 28 significant changes have been made in the forms.

Non-residents can no longer file ITR 1; they will have to look for an alternative form – perhaps ITR 2 or ITR 3 – to file their returns.

As far as presumptive tax is concerned, the new ITR 4 seeks more details as compared with the older version. ITR 4 has also linked income tax and sales tax by requiring the assessee to enter the turnover reported in their GST filing.

Related: Tax planning tips for every age group

The new forms also seek more specific information with regard to capital gains as compared with earlier versions. The earlier penalty for late filing which was replaced by late filing fee has been reintroduced with interest thereon under sections 234A, 234B, and 234C. Separate columns for SGST, CGST, IGST, and UGST have been introduced. The gender column has been removed from ITR 2, 3, and 4.

The ITR department has given assessees a two-month window in which to understand the requirements and e-file their returns. Coming in the wake of the warning not to file wrong returns, the new forms seek more detailed information than before, underlining the government’s desire to digitise and streamline the country’s affairs.

 

 
 

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