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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.

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

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

 

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