Income Tax Return form: There are many changes you need to know
BusinessToday.In April 12, 2018
The new format of income tax return forms, introduced for the fiscal 2018-19, will require you to fill up whether you own a house and whether it is self-occupied or given out for rent. The Central Board of Direct Taxes (CBDT) for filing returns for the financial year 2017-18 have introduced some new clauses for both house owners and tenants which were not mandatory till the last fiscal.
ITR-1 or Sahaj is to be filled by the salaried class individuals, those who have one house property, other sources (interest etc.) and whose income is up to Rs 50 lakh.
A taxpayer has to fill in details in separate fields such as allowances not exempt, profit in lieu of salary, among others.
Form ITR 1 will cover General Information, Gross tTotal Income, Deductions and Taxable Total Income, Computation of Tax Payable, Other Information, Schedule IT - Detail of Advance Tax and Self Assessment Tax payments, Schedule TDS - Detail of TDS/TCS
Form ITR-2 is for individuals and Hindu Undivided Families who have income under any head other than business or profession.
Form ITR-3 is for Individuals and Hindu Undivided Family (HUFs) having income from business or profession.
Form ITR 4 (Sugam) is for the presumptive tax payers, for those who can declare income as a specific percentage of their gross receipts or turnover and pay taxes.
ITR for non-resident Indians will require individuals to furnish details of any one foreign bank account, which can be used for the purpose of credit of refund.