The new forms -Sahaj (ITR1) , Form ITR-2, Form ITR-3, Form Sugam -ITR-4, Form ITR-5, Form ITR-6, Form ITR-7, and Form ITR-V accept been notified for Banking year 2017-18 or appraisal year 2018-19.
Like aftermost year, CBDT has been quick of the mark in absolution these forms appropriate at the alpha of the appraisal year to accredit bodies to alpha filing their allotment as anon as possible.
It is noteworthy that this is the aboriginal time there will be a amends leviable for assets tax allotment filed afterwards the due date which is commonly July 31 i.e. ITRs for FY17-18 are due to be filed by July 31, 2018 as per accepted rules.
CBDT in its columnist absolution has said that for appraisal year 2017-18, a one folio simplified ITR Form-1(Sahaj) was notified. This action benefited about 3 crore taxpayers, who accept filed their acknowledgment in th is simplified Form. For Appraisal Year 2018-19 also, a one folio simplified ITR Form-1(Sahaj) has been notified.
This ITR Form-1 (Sahaj) can be filed by an alone who is citizen added than not commonly resident, accepting assets upto Rs.50 lakh and who is accepting assets from salary, one abode acreage / added assets (interest etc.). Further, the genitalia apropos to bacon and abode acreage accept been rationalised and capacity of basal capacity of bacon (as accessible in Form 16) and assets from abode acreage accept been mandated.
ITR Form-2 has additionally been rationalised by accouterment that Individuals and HUFs accepting assets beneath any arch added than business or profession shall be acceptable to book ITR Form-2. The Individuals and HUFs accepting assets beneath the arch business or profession shall book either ITR Form-3 or ITR Form-4 (in presumptive assets cases).
In case of non-residents, the claim of capacity capacity of any one adopted Bank Account has been provided for the purpose of acclaim of refund. Further, the claim of capacity capacity of banknote drop fabricated during a defined aeon as provided in ITR Form for the Appraisal Year 2017-18 has been done abroad with from appraisal year 2018-19, added antiseptic the columnist release.
There is no change in the address of filing of ITR Forms as compared to aftermost year. All these ITR Forms are to be filed electronically. However, area acknowledgment is furnished in ITR Form-1 (Sahaj) or ITR-4 (Sugam), the afterward bodies accept an advantage to book acknowledgment in cardboard form: (i) an I ndividual of the age of 80 years or added at any time during the antecedent year; or (ii) an alone or HUF whose assets does not beat bristles lakh rupees and who has not claimed any acquittance in the Acknowledgment of Income.
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